Aviva FY operating profits surge 25%, unveils £350m buyback

(Sharecast News) - Insurer Aviva on Thursday reported a 25% jump in operating profit supported by a strong general premiums performance in its UK & Ireland and Canadian operations. Earnings came in at £2.2bn, including a £174m boost from the recently acquired Direct Line for £3.7bn. The company resumed share buybacks with a new £350m offer.

General insurance gross written premiums rose 18% to £14.14bn and Aviva's wealth-and-retirement reported net inflows of almost £11bn.

Aviva reiterated the financial targets it set out in November, including increasing earnings per share by 11% a year to 2028 and nearly doubling cost savings from the Direct Line deal.

Reporting by Frank Prenesti for Sharecast.com