LONDON (dpa-AFX) - Aviva plc (AV, AV.L), a financial services and insurance company, reported that its profit attributable to equity holders for the year ended 31 December 2024 declined to 683 million pounds or 23.3 pence per share from 1.09 billion pounds or 37.2 pence per share in 2023. This reflects the net adverse impact of 666 million pounds from investment variances and economic assumption changes, primarily driven by the increase in UK interest rates which resulted in unrealized losses on fixed-income assets supporting long-term liabilities. In 2023, there was a positive impact of 322 million pounds.
Annual profit before tax was 1.267 billion pounds, lower than last year's 1.690 billion pounds.
Insurance revenue for the year was 20.75 billion pounds up from 18.50 billion pounds in the prior year.
The company has announced a final dividend of 23.8 pence per share, an increase of 7% from last year's 22.3 pence. Together with an interim dividend of 11.9 pence, up from 11.1 pence last year, this brings the total dividends for the year to 35.7 pence, compared to 33.4 pence in the previous year. The company's dividend guidance remains that it expects mid-single digit growth in the cash cost of the dividend.
While it expects to revisit its Group targets following the completion of the proposed acquisition of Direct Line, the company remains confident in meeting the Group standalone targets outlined at full year 2023 results presentation. The company's targets include achieving an operating profit of 2 billion pounds by 2026, a Solvency II Own Funds Generation (OFG) of 1.8 billion pounds by 2026, and cumulative cash remittances of over 5.8 billion pounds for the period from 2024 to 2026.
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