‘Nobody in this market can replicate’ Aviva’s operating model, says group chief executive

Insurer Aviva has “clear momentum” and “confidence” for the year ahead after recording “strong and reliable earnings and cash generation” in its full-year 2023 financial results, published today (7 March 2023), according to group chief executive Amanda Blanc.

The London-headquartered business reported a 16% uptick in its UK and Ireland general insurance premiums in 2023 to £6,640m, compared to £5,740m for 2022, as well as an undiscounted combined operating ratio of 96.8%.

Group operating profit for 2023, meanwhile, improved 9% versus 2022, reaching £1,467m.

Addressing journalists this morning, Blanc emphasised that “Aviva is moving even faster than before”.

She said: “We’re delivering consistent quarter-on-quarter growth and strong and reliable earnings and cash generation. We’re more profitable.”

Growth areas

Aviva’s activity in the UKGI market has been a key facet of the insurer’s growth. Blanc explained: “In UK general insurance, we cemented our number one market position with over 40% growth in personal lines retail and continuing commercial lines growth.”

The insurer’s UK commercial lines premiums grew 10% over the course of last year, while Aviva’s UK personal lines premiums increased by 24% year-on-year.

Blanc cited Aviva’s climate conscious motor proposition, Aviva Zero, as one driver of this growth. The product, which launched in March 2022, works with policyholders to offset carbon emissions.

“Since launching Aviva Zero, we have sold over half a million policies, including more than 150,000 policies bought by existing Aviva customers,” Blanc noted.

“We’re well positioned to accelerate organic growth through further investment in the business and we’re supplementing this with bolt-on M&A.”

One example of bolt-on M&A is Aviva’s £242m purchase of insurance platform Probitas on 4 March 2024, which facilitated the insurer’s entry into the Lloyd’s market and provided “new opportunities to accelerate growth in our capital light general insurance business”.

Although Blanc acknowledged that this deal – and Aviva’s “opportunistic” M&A strategy overall – targeted “filling gaps in the portfolio”, she added that the insurer is “unlikely” to spend any more money buying businesses that operate in Lloyd’s.

“We would basically use this as our base to grow in the areas that we want to grow in,” she noted.


Blanc told journalists that Aviva’s “prospects have never been better” – she attributed this to five key reasons.

She explained: “Firstly, we’re the UK’s leading diversified insurer with a complementary portfolio, growing our capital light businesses – nobody in this market can replicate that successful model.

“Second, we have a consistent strategy, which is working with investment identified for the future.

“Third, we have strong organic growth in all our markets, accelerated through selective bolt-on M&A. This is evidenced in the numbers that we’re producing and we’re confident that we can sustain that performance.

“Four, we now have a track record of delivery built over the last three and a half years and fifth, we deliver superior returns for our shareholders, with growing dividends and regular capital budget.”