Aviva Canada advances to second place in Canadian P&C market
According to its CEO, Aviva has advanced into second place in the Canadian property & casualty (P&C) insurance market since it released its annual results earlier this month.
“Aviva Canada delivered strong results for FY2022, achieving a combined operating ratio of 92.5% (FY2021: 90.7%) and premium growth of 8.6% (FY2021: 5.6%), which has moved us into second place in the market.
These results are testament to the hard work by our brilliant people in simplifying the business, building resilience and embedding a high performance and customer-centric culture across Aviva.
Like many Canadians and businesses, we are very focused on managing the challenges ahead. We remain committed to being there for our customers and delivering on what matters most – ensuring they have the right insurance coverage and getting them back on their feet quickly after a claim.
Despite inflationary impacts, increased claims frequency and unique challenges with reinsurance, we’re continuing to invest significantly in Aviva’s future: improving the customer experience, targeting growth and driving efficiencies. What’s exciting about today’s results is that there’s so much more we can and will deliver on our Aviva promise – to our customers, brokers, partners and shareholders.” – Jason Storah, CEO of Aviva Canada .
To benchmark, Intact Financial Corporation is the largest provider of P&C insurance in Canada. It distributes insurance under the Intact Insurance brand through a network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides affinity insurance solutions through the Johnson Affinity Groups.
Intact’s last significant transaction took place in the UK, where the Canadian business partnered with Tryg A/S to acquire RSA Insurance Group PLC for $12.3 billion in June 2021. While Tryg seized Sweden, Norway, and Denmark, Intact acquired RSA’s business in Canada, the United Kingdom, and internationally.
