Companies

Aviva’s Irish arm sees profits fall on back of rising claims after Covid-19

In Ireland, operating profit fell to €32 million in 2022, down from €43 million in 2021

“The principal reasons for the reduced margin were a return to higher, more normalised, claims frequency after Covid restrictions were lifted and rising inflationary pressures,” Declan O’ Rourke, Aviva Insurance Ireland chief executive, said.

Insurance group Aviva has announced a £300 million share buyback following “strong” results for 2022, however the Irish arm of the business saw profits dip following a rise in claims post-Covid-19.

General insurance gross written premiums (GWP) across the group increased 8 per cent last year to £9.7 billion, according to the company’s most recent results.

The combined operating ratio, that is a financial measurement of general insurance underwriting profitability calculated as the ratio of ...