A reported 41 per cent rise in Aviva’s private health business has contributed to a nine per cent uptick in its operating profit for its financial year ended 31 December.

The British insurer’s operating profit rose to over £1.5 billion with the company saying that its position as the UK’s "leading" diversified insurer, with major businesses in Canada and Ireland, was “clearly delivering”.

In light of the results, Aviva has raised its total dividend by eight per cent to 33.4p and shared that it has now returned more than £9 billion in capital and dividends to shareholders over the past three years.

Commenting on the results, Aviva group chief executive Amanda Blanc said: “Aviva is financially strong. We are trading consistently well. Our prospects have never been better. We have leading businesses in growing markets, a fantastic brand, and we are investing substantially to make service better for our 19 million customers. All the ingredients are in place to ensure Aviva continues to deliver an outstanding performance for our customers and our shareholders.”

Blanc also noted that Aviva’s workplace pensions business was “continuing to thrive” having recorded £6.9 billion of net flows – a figure it said was boosted by winning 477 new schemes during 2023.

Due to the strong performance, Aviva also announced a new £300 million share buyback programme, whilst also upgrading its dividend guidance to mid-single digit cash cost growth.

Last year Aviva acquired AIG’s UK protection business for £460 million. At the time it said the acquisition would build upon its momentum in the protection market where it has delivered “strong organic growth”.

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