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Highlights
- AVIVA’s H1FY24 insurance revenue rose 9.7%, with premiums increasing 18% to GBP 3,809 million
- Profit before tax surged 79.1%, with operating profit up 14% to GBP 875 million
- Aviva aims for GBP 2 billion operating profit and GBP 1.8 billion Solvency II OFG by 2026
Aviva PLC (LSE:AV) is an FTSE 100 listed UK-based company specializing in insurance, wealth management, and retirement services. It has a market cap of GPB 13,106.0mn.
In H1 FY24, the company's insurance revenue increased by 9.7% compared to the previous corresponding period. Premiums surged 18% to GBP 3,809 million, reflecting significant growth across all business lines. UK personal lines premiums jumped 30% to GBP 1,811 million, driven by effective rating actions and new business, while UK commercial lines premiums rose to GBP 1,749 million due to strong retention and new business initiatives.
Profit before tax saw a substantial rise of 79.1%. Operating profit grew by 14% to GBP 875 million, and business unit operating profit increased by 7% to GBP 1,079 million. This growth was driven by strong performances in Insurance, Wealth & Retirement, and UK & Ireland General Insurance. However, it was somewhat mitigated by reduced profits in Canada General Insurance and International Investments.
Additionally, in the first half of FY24, the company had an increased investment ratio of 7.5% and a reduced debt-equity ratio of 0.76x, compared to 3.8% and 0.81x in the first half of FY23.
Recent Business Update
In its first quarter results for FY24, the company announced the appointment of Valerie Sick to its Board as an independent non-executive Director, with immediate effect.
Company Outlook
In the first half of 2024, Aviva sustained its positive momentum with good results and is well-positioned to achieve its 2026 goals. These targets include GBP 2 billion in operating profit, GBP 1.8 billion in Solvency II Operating Free Cash Flow, and over GBP 5.8 billion in cumulative cash remittances. The company plans to be nearly 70% capital-light by 2026, with anticipated growth in the Health and Wealth sectors, while continuing to focus on shareholder returns and a mid-single digit increase in dividends.
Top 10 Shareholders
The top 10 shareholders of AVIVA together own approximately 25.94% of the total shares. BlackRock Institutional Trust Company, N.A. holds the largest stake with around 5.13%, followed closely by Dodge & Cox with about 5.00%, as shown in the chart below.
Stock Information
The stock has experienced a modest rise of approximately 2.48% over the past month and a more notable increase of around 6.41% over the last six months. It has a 52-week low of GBX 371.00 and a 52-week high of GBX 510.20. Currently, the stock is trading above the average of these 52-week high and low values.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 09 September 2024. The reference data in this report has been partly sourced from EODHD/Others.
