Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Aviva releases H1 2023 profit guidance, growth estimates

by uma
0 comment

Aviva releases H1 2023 profit guidance, growth estimates

LONDON (Reuters) – Aviva said on Wednesday it expected to deliver around 700 million pounds ($907.20 million) in group operating profit in the first half of 2023, with full-year profit estimated to grow by 5-7% year-on-year.

In an update to investors incorporating the restatement of certain 2022 financials required under accounting standard IFRS 17, the British insurer said its full year 2022 business unit operating profit was now 1.9 billion pounds, 15% lower than under IFRS 4 and consistent with previous guidance.

Aviva said the change principally reflected accounting changes to its annuities and protection businesses, with new business profit now being deferred over the lifetime of a contract.

It added that the new accounting standards would have “no impact to strategy, capital generation, dividend guidance, or capital return outlook.”

“There is no impact on our dividend guidance for 2023 of around 915 million pounds, with low-to-mid single digit growth in the cash cost of the dividend thereafter,” the company said.

($1 = 0.7716 pounds)


(Reporting By Sinead Cruise, Editing by Iain Withers)