Aviva Insurance Ireland: Full Year Financial Results 2023

Declan O’ Rourke, Aviva Insurance Ireland Chief Executive Officer said:

“Aviva’s general insurance business in Ireland performed positively in a challenging market in 2023. Our Undiscounted Combined Operating Ratio for 2023, our key measure of profitability in general insurance, remained stable at 96.0% (2022: 96.1%).  Our Operating Profit increased to €72m (2022: €32m); this increase is predominantly driven by investment return in a higher interest rate environment.”

IFRS operating profit General Insurance Operating Profit €72 million (2022: €32 million)
Combined operating ratio Combined Operating Ratio 96.0% (2022: 96.1%)
Growth GWP (Gross Written Premiums) of €521 million (2022: €495 million)

Gross Written Premiums increased by 5% to €521m (2022: €495m), due to strong growth in our commercial lines business and a return to growth in personal lines. We continue to invest significantly in digitisation by delivering a leading online platform for broker SME business and a new direct to customer platform for personal lines.

We welcome the significant progress made by government in implementing the Action Plan for Insurance Reform in 2023, particularly in 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.

Declan O’ Rourke, Aviva Insurance Ireland Chief Executive Officer

“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.  When the Personal Injury Guidelines were introduced three years ago, we expected rejection rates to decline to low single digits but instead they have increased from 49% to 56% for motor insurance. These rejections are eroding the benefits of reform, delaying compensation to claimants, adding to legal costs and, ultimately, leading to increased premiums for customers.”,  concluded Declan O’Rourke.

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Aviva Group Services Ireland Limited, a private company limited by shares. Registered in Ireland No.322579. Registered Office: Cherrywood Business Park, Dublin, Ireland, D18 W2P5.