By Michael Susin
Aviva PLC on Wednesday posted a fall in pretax profit for 2021, but upgraded its dividend policy for 2022 and 2023.
The FTSE 100-listed insurer made a pretax profit of 801 million pounds ($1.07 billion) for the year ended Dec. 31, compared with GBP1.81 billion for 2020.
The company said its gross premiums reached the highest level in more than a decade to GBP8.8 billion from GBP8.3 billion.
Adjusted operating profit--one of the company's preferred metrics, which strips out exceptional and other one-off items--fell to GBP1.63 billion from GBP1.81 billion for 2020.
The insurer ended the year with a Solvency II ratio--a measure of capital strength--of 244% compared with 202% at Dec. 31, 2020.
The insurer declared a final dividend of 14.7 pence a share, bringing the total dividend to 22.05 pence.
The company said that it expects to increase its dividend per share by 40% to 31.5 pence in 2022, and expects low-to-mid single digit growth in dividend a share in 2023.
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(END) Dow Jones Newswires
March 02, 2022 02:50 ET (07:50 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.