Operating profits at Aviva Ireland surged to €72m last year, more than double the €32m reported in 2022.
This was driven by investment return in a higher interest rate environment, according to the insurer.
The company’s combined operating ratio, a measure for general insurance profitability, also remained stable at 96pc in 2023. This ratio stood at 96.1pc in the previous year.
Gross written premiums increased by 5pc to €521m last year, driven by strong growth in its commercial business and a return to growth in personal lines.
Aviva Insurance Ireland chief executive Declan O’Rourke said that the insurer welcomed the “significant progress” made by the Government in implementing its action plan for insurance reform last year.
He highlighted the areas of “anti-fraud, rebalancing the duty of care and the introduction of mediation by the Injuries Resolution Board (IRB) as part of the Personal Injuries Resolution Board Act”.
“We support government policy to increase the number of personal injury claims resolved without recourse to litigation, but we continue to see very high rejection rates of IRB assessments by claimants with their solicitors,” he added.
He said that rejection rates were expected to fall to low single digits following the introduction of Personal Injury Guidelines three years ago. However, for motor insurance, they have risen from 49pc to 56pc, he said.
“These rejections are eroding the benefits of reform, delaying compensation to claimants, adding to legal costs and, ultimately, leading to increased premiums for customers,” he added.
In the UK, Aviva Ireland’s parent company’s operating profit rose 9pc to £1.47bn (€1.72bn) in 2023, according to a statement yesterday. Aviva declared a final dividend of 22.3 pence (26c) a share, bring total dividends for the year to 33.4 pence, up 8pc from the previous year. “We have made significant progress in 2023,” Aviva’s chief executive Amanda Blanc said in the statement.
The firm said it has returned more than £9bn to shareholders via buybacks and dividends over the past three years.
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