Aviva has today released its third quarter results for 2014, which showed its UK general insurance net written premiums were down six per cent.
Although down six per cent, Aviva’s September premiums stabilised compared to last year. In France, Italy and Canada net written premiums grew 5%, 5% and six per cent respectively. Overall, the group’s net written premiums in general and health insurance were one per cent lower in contact currency at £6,247m.
Mark Wilson, group chief executive officer, said, ‘Aviva’s turnaround is delivering. Our key metrics have improved again. Year to date, our net asset value is 10% higher; value of new business is up 15%1 and the general insurance combined ratio improved to 95.9%.
‘The steps we have taken to focus and strengthen the group mean we are in a different position to two years ago.
‘Notwithstanding this progress, there is still more to do before we can be satisfied we are fully delivering on our investment thesis of cash flow plus growth.’
Performance in the first nine months of 2014 shows continued upward momentum in the group’s key metrics. Value of new business (VNB) is up 15%, combined operating ratio (COR) has improved one percentage point to 95.9%, expenses are lower and IFRS net asset value per share has increased 10% over the year to 298%.
Mark said, ‘Operating capital generation is stable at £1.3 billion and we continue to make satisfactory progress in increasing cash remittances, a key priority. Recent market volatility is a reminder of the global economic uncertainty that still exists. We believe our diversified business model and the steps we have taken to improve risk management positions us well for such adversity.
‘We will continue to reallocate capital across the group to higher return businesses as we move to a group that is a focused true customer composite. This means that we will offer life, general and health insurance together with asset management in areas where we have competitive advantage and enough scale so we can win.’
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