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Aviva releases H1 2023 profit guidance, growth estimates

by Uma Rajagopal
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2023 07 19T062254Z 1 LYNXMPEJ6I060 RTROPTP 4 AVIVA CLIMATE STRATEGY

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)

 

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