Aviva (LON: AV.) shares jumped at the open on Thursday after the British insurer reported a “very strong” third quarter with double-digit growth in key metrics.
The company's shares are currently up around 3.5% at 470.5p. However, the FTSE 100 stock opened the session as high as 482.8p a share, outperforming the wider FTSE 100 index.
Aviva reported a 15% increase in general insurance premiums to £9.1 billion and a 21% jump in wealth net flows to £7.7 billion for the first nine months of the year.
Specifically, UK & Ireland GI premiums rose 18% to £5.7 billion in the first nine months, with 25% growth in personal lines and 11% growth in commercial lines, both balanced between continued strong new business and pricing actions to offset the inflationary environment.
Canada GI premiums increased 11% to £3.4 billion, with personal lines up 13%, due to pricing actions and strong new business growth.
Retirement sales came in at £7.3 billion, up a significant 67%, driven by higher BPA volumes of £6.1 billion
“Trading continues to be extremely positive right across the business, underlining the strength of our consistent strategy and the significant benefits of Aviva's scale and diversification,” said Amanda Blanc, Group Chief Executive Officer.
The company also highlighted its strong financial position, with a Solvency II cover ratio of 195%.
Aviva remains confident in achieving its targets, including an operating profit of £2 billion by 2026 and a Solvency II operating fund of £1.8 billion by 2026.
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