Aviva plc
Aviva plc is one of the UK's leading Insurance, Wealth, and Retirement businesses, operating in the UK, Ireland, and Canada. The company has made significant acquisitions, launched innovative services, and achieved notable financial growth and sustainability targets.
Company Overview
Aviva plc is a prominent Insurance, Wealth, and Retirement business headquartered in the UK. The company operates across the UK, Ireland, and Canada. Renowned for its strategic acquisitions, Aviva joined the Lloyd's market via the acquisition of Probitas in March 2024 and acquired AIG's UK protection business in April 2024. Aviva places a strong emphasis on sustainability, utilizing 100% renewable electricity and targeting Net Zero carbon emissions by 2040. The company has invested approximately £1.7 billion in renewable energy projects and contributed £10 million to the Woodland Trust's Woodland Carbon Scheme.
Financial Performance
In 2023, Aviva plc demonstrated strong financial performance with a 9% increase in operating profit. The General Insurance segment reported a 13% rise in premiums. Notably, the Wealth business achieved net flows exceeding £8.3 billion. The company surpassed its cost savings target one year ahead of schedule, reducing costs by 1% in 2023. For shareholder benefit, Aviva announced a £300 million share buyback in 2024.
Products and Services
Aviva plc offers a diverse range of products and services across Insurance, Wealth, and Retirement. In April 2024, the company launched 'Find and Combine,' the UK's first service for pension tracing, checking, and consolidation. Additionally, Aviva introduced Aviva Clarity, a streamlined Bulk Purchase Annuity (BPA) service. The company also paid out £1.18 billion on more than 50,600 individual protection claims in 2023 and £413,783,489 in Group Protection claims for 8,077 employees and their dependants.
Sustainability Initiatives
Aviva plc is committed to environmental sustainability and has invested significantly to support this mission. Targeting Net Zero carbon by 2040, the company uses 100% renewable electricity and has invested around £1.7 billion in renewable energy infrastructure projects. Aviva also announced £38 million in funding to restore Britain's lost temperate rainforests and donated £10 million to the Woodland Trust's Woodland Carbon Scheme.
Recent Strategic Partnerships
In April 2024, Aviva partnered with Joe Wicks to promote health and wellbeing. The company also announced a £100 million funding partnership for a bus leasing platform called 'Rock Road.' These partnerships highlight Aviva's commitment to enhancing community and environmental health while exploring innovative business ventures.