LONDON (Reuters) – British insurer and asset manager Aviva on Wednesday reported growth across its core businesses in the first quarter of 2023, despite a slowdown in net flows to its wealth management business .
Aviva, which has embarked on a sweeping restructuring plan under the leadership of Amanda Blanc to improve shareholder returns, has to navigate like its rivals in a difficult environment due to rising compensation claims and choppy conditions on the financial markets.
In the first quarter, the group saw general insurance premiums rise 11% to 2.4 billion pounds (2.7 million euros), while revenue from private healthcare rose 25% , with more individuals and businesses opting for private coverage.
However, Aviva reported net flows to its wealth arm Aviva Investors of £2.3bn, down 15% from the previous year, as market volatility affected business of investment.
The group said it was on track to meet or exceed several of its medium-term performance targets.
It said it was ready to meet its cost reduction target of £750m by 2024, and exceed its equity generation target of £1.5bn a year by then.
(Report Lain Withers, Nathan Vifflin, edited by Blandine Hénault)
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