Latest news with #generalinsurance
The Independent
5 days ago
- Automotive
- The Independent
Aviva share price highest since 2007 after profit jumps by a fifth
Insurance giant Aviva has said its profits surged by a fifth over the first half of 2025, sending its share price to the highest level since before the 2008 financial crisis. The latest results come as it said its tie-up with rival Direct Line was 'well under way'. The company reported an operating profit of £1.1 billion for the first six months of 2025. This was an increase of 22% compared with the same period a year ago. Aviva said it was driven primarily by growth in its UK and Ireland general insurance business and wealth and retirement. General insurance premiums – how much a customer pays for an insurance policy – leapt by 9% year-on-year to total £4.1 billion across the region. Profits for the division soared by 50% thanks to strong underwriting activity and improved returns of investment in the UK. But this was partly offset by the impact of Storm Eowyn in Ireland, where record-breaking winds cut electricity supplies to hundreds of thousands of homes, schools and businesses. Aviva's share price jumped by about 4% on Thursday to hit the highest level since late 2007, before the global financial crisis. Aviva completed its £3.7 billion takeover of Direct Line last month. Aviva said that merging the two companies was now 'well under way' adding that it was 'moving at speed to improve performance, drive financial benefits and unlock the full potential of the combined business'. Chief executive Amanda Blanc said: 'The combined business is a UK market leader with over 21 million customers, or four in 10 adults, and we are confident the deal will contribute significantly to Aviva's future growth.' Richard Hunter, head of markets at interactive investor, said the takeover will 'further cement Aviva's leading positions particularly in the home and car insurance markets'. He said: 'While car insurance has seen a substantial increase in premiums to the exasperation of many consumers, the space has been affected by both higher average new car prices as well as the costly nature of repairing increasingly complex and technologically advanced vehicles.' Meanwhile Admiral, which sells car, home, travel and pet insurance, also said that its pre-tax profit soared by 69% over the first half of 2025, compared to 2024. This was driven by its UK insurance division winning more sales and customers for motor policies.
Zawya
07-05-2025
- Business
- Zawya
Blue Cross Surpasses Market Average with Over 20% Growth in 2024
HONG KONG SAR - Media OutReach Newswire - 7 May 2025 - Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") reported outstanding performance in the 2024 provisional statistics for Hong Kong general insurance business released by the Insurance Authority: Blue Cross achieved a 22.1% year-on-year growth in gross written premiums, significantly outpacing the market average of 6.3% 1. Blue Cross's overall market share has also increased. Non-medical business experienced strong growth, with premiums surging by over 30% (31.7%), mainly driven by performance in travel and personal accident, employees' compensation, general liability and motor vehicle insurance businesses. The overall market's non-medical business slightly declined by 0.9% 2. In particular, travel and personal accident business performed the best, with a premium growth of nearly 40% (36.7%), far exceeding the overall market's growth of about 20% (20.1%) 3. Medical business also maintained its growth momentum, recording a premium growth of nearly 20% (19.1%). Ms. Bonnie Tse, Chief Executive Officer of Blue Cross, said, "Thanks to the staunch support of our customers and the collective efforts of our business partners, frontline and back-office teams, Blue Cross delivered wonderful results in 2024 with multiple business lines outperforming the market, cementing our strong position in the general insurance industry. Moving forward, we remain confident in our growth trajectory. Staying true to our customer-centric philosophy, we will continue to enhance our products and services catered to the needs and pain points of customers, ensuring the right protection at the right time for the right budget." Notes: Source: Insurance Authority's Provisional Statistics on General Business (direct business) from January to December 2024, excluding Mortgage Guarantee. Source: Insurance Authority's Provisional Statistics on General Business (direct business) from January to December 2024, excluding Medical and Mortgage Guarantee. Source: Insurance Authority's Provisional Statistics on General Business (direct business) from January to December 2024, non-medical part under Class of Business "Accident & Health". Disclaimers: This press release is for distribution in Hong Kong Special Administrative Region only. The distribution of this press release is not and shall not be construed as an offer to sell or a solicitation to buy or a provision of any insurance product outside Hong Kong Special Administrative Region. Blue Cross (Asia-Pacific) Insurance Limited is a subsidiary of AIA Group Limited. It is not affiliated with or related in any way to Blue Cross and Blue Shield Association or any of its affiliates or licensees. Hashtag: #BlueCross The issuer is solely responsible for the content of this announcement. Blue Cross (Asia-Pacific) Insurance Limited Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") is a subsidiary of AIA Group Limited. With over 50 years of operational experience in the insurance industry, Blue Cross provides a comprehensive range of products and services including medical, travel and general insurance, which cater to the needs of both individual and corporate customers. Blue Cross distributes its products through various channels, including AIA agency force, online platform, direct sales, BEA network, insurance agents and brokers, as well as travel agencies. In 2024, Blue Cross is assigned financial strength rating of A+ (stable outlook) and issuer credit rating of A+ (stable outlook) by S&P Global Ratings. Blue Cross (Asia-Pacific) Insurance
