The following is a summary of the Aviva Plc (AVVIY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Aviva reported a 13% increase in general insurance premiums and net flows of £8.3 billion in their wealth business.
The company observed a 9% growth in operating profit, generating nearly £1.9 billion in cash remittances.
Operating costs decreased by 1% from the previous year despite inflationary pressures.
Aviva achieved £757 million in gross cost savings since 2018 and announced a new profit target of £2 billion by 2026.
The company has returned over £9 billion in capital and dividends to shareholders over the last 3 years.
Their solvency cover ratio stands at 207%, signaling financial stability.
UK and Ireland general insurance premiums rose by 16% to £6.6 billion.
Operating future generations (OFG) increased by 12% to just over £1.7 billion.
Canadian operations reported an 18% increase in operating profit to £399 million.
Business Progress:
The company invested £500 million in enhancing customer experience, expanding their customer base by over 470,000.
Aviva launched Aviva Zero, selling over 0.5 million policies since March 2022.
The acquisitions of the AIG UK protection book, Optiom in Canada and Probitas in the Lloyd's market are expected to attract new customers and boost brand growth.
The company aims to accelerate growth in their general insurance, protection and health, and wealth businesses while focusing on cash generation in their retirement and heritage ventures.
Aviva is also developing its Direct-to-Customer (D2C) platforms and has seen promising early results with its new direct wealth app.
Aviva's acquisition of Probitas, a Lloyd's platform, is anticipated to further their goal of capital-light growth and enhance their corporate and specialty business.
In the advisor platform domain, Aviva was ranked number one by Defaqto, signaling strong business progress.
The company also reported a 9% rise in operating profit and has implemented a refined framework for deploying resources and managing performance across their group.
More details: AVIVA PLC ADR IR
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