UK Insurer, Aviva, announces $380 million buyback after 9% profit rise

Aviva announced a £300 million share buyback following a robust performance in general and health insurance, leading to a 9% increase in operating profit for 2023, slightly surpassing analysts' expectations. Other insurers like Beazley and Admiral also reported record profits and buybacks, reflecting resilience amid challenges such as the pandemic and elevated inflation. Aviva upgraded its targets, aiming for a £2 billion operating profit by 2026, with CEO Amanda Blanc emphasizing accelerated progress. Despite Aviva's upbeat performance, its fund management unit faced a 16% drop in operating profit due to challenging market conditions. Aviva's strategic moves include re-entering the Lloyd's of London market with the acquisition of Probitas, while showing disinterest in Direct Line following a recent acquisition offer rejection. Shares rose 3.2% following the announcement, with analysts considering the results reassuring.