Operating profit increased for the full year 2023 for British insurer Aviva plc compared to 2022, the company reported on Thursday.
Aviva reported 2023 profit based on International Financial Reporting Standards (IFRS) of £1.11 billion ($1.41 billion) compared to a loss of £1.03 billion in 2022.
Profit per share was 37.2 pence compared to a loss of 34.7 pence.
Group operating profit was up 9% to £1.47 billion.
Operating earnings per share was 40.3 pence compared to 39.9 pence.
Fiscal 2023 general insurance premiums was up 13% to £10.89 billion from previous year.
Insurance revenue was £18.50 billion compared to £16.89 billion.
Looking forward, the group has set a target to reach £2 billion in operating profit by 2026.
The group has declared a final dividend of 22.3 pence, bringing total dividend for the year to 33.4 pence, up 8%.
Aviva plc said it will commence a share buyback programme of its shares for up to a maximum aggregate consideration of £300 million, commencing on March 8, 2024.
The group upgraded dividend guidance and now expects to grow the cash cost of the dividend by mid-single digits.