Results
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The broker said that cat losses were around $950mn in the year to October. -
The broker expects to reach $800mn in GWP and $1.4bn by FY2026.
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CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The $10bn broking firm is progressing in its pivot towards specialty and international business, and an asset management model.
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The combined P&C ratio improved to 94.3%, while premiums rose 11.5% to EUR23.4bn.
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The improved underwriting performance was driven by reduced losses relating to Russia and Ukraine.
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The carrier’s overseas unit benefited from improved underwriting and the reversal of Taiwanese Covid-19 impacts.
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The international unit also suffered losses in its agriculture and reinsurance segments.
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Aviva Global Corporate and Specialty grew gross written premium by 9% over the period.
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The intermediary business booked 9.5% organic growth in P&C and 14.9% growth in specialty in the first nine months of 2023.
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The firm has experienced cumulative property rate increases of over 15%m while its treaty business is seeing rate rises of over 26%.
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