INSURER Aviva has posted an increase in full-year profit and pledged to spend more than £1bn on takeovers and shareholder returns.
The York-based group today (Thursday, March 8) reported a two per cent rise in operating profit to £3bn for 2017, driven by a strong UK performance.
The company’s British insurance arm saw profit increase 13 per cent to £2.2bn.
Boss Mark Wilson said: “Our largest market, the UK, has gone from strength-to-strength, growing sales, market share and profit.
“The UK is a dependable and growing business."
He also said the group will deploy £2bn of excess cash this year, including £900m in debt reduction, "in excess" of £500m of capital returns to shareholders and about £600m for bolt-on acquisitions.
Mr Wilson has been eyeing acquisitions in artificial intelligence and big data as he attempts to transform Aviva, which runs general insurance and life insurance operations out of York, into a financial technology firm.
Aviva is also working with the Financial Conduct Authority (FCA) on developing ways to offer better financial guidance and support to consumers.
Mr Wilson added: "We continue to invest in our businesses and priorities such as digital to make our products and services easier for our customers.
“Aviva is now a simpler, stronger group and we are growing.
“Our strategy is paying dividends.”
Mr Wilson has also been pushing through a radical shake-up of the group, exiting fringe businesses to focus on its core operations.
To this end, Aviva offloaded its Spanish operations for £178m earlier this year.
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