Nine-month UK premiums flat at £3.1bn and combined ratio flat at 97%; personal lines motor grows 8%
Aviva revealed today in its third-quarter results that it had scaled back in commercial lines to maintain underwriting discipline.
Exposure has been reduced in blue-water marine hull, agriculture and schemes business as the UK’s largest general insurer maintained a profitable combined ratio of 97% (2011: Q3 97%).
UK general insurance and health net written premiums were flat for the nine-months of 2012 at £3.1bn compared to the same period last year (excluding the now sold-off RAC).
Aviva’s strategy has been to write carefully on SME but bolster personal lines motor.
Motor net written premium was 8% higher for the nine months, with 250,000 net new customers joining this year.
Aviva’s low-cost aggregator purpose brand Quotemehappy and its Multicar policy drove the increases.
Internationally, Aviva’s nine-month general insurance premium was flat at £6.7bn and the combined ratio was 97%.
Canada notched up a 93% combined ratio and France 95%.
Group results
Aviva revealed that it was building up its capital base successfully. Economic capital surplus was £5.3bn up by £1.7bn from the beginning of the year.
Aviva said talks were underway to sell the US life and annuities business.
Meanwhile, total group sales fell from £30.3bn to £28.9bn. In general insurance, group combined ratio was 97%, but Ireland is lagging the rest of the countries at 105%.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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