CEO points to an underlying UK & Ireland COR of 96.7% and praises broker contribution as he looks ahead to Intact acquisition.
The insurer said the UK figures were “heavily impacted” by Covid-19 and, excluding the pandemic the UK COR was 95.8%, as CEO Hester reflects on group performance since 2014 and flags exit.
COR also improved, while GWP was down on 2019 after a number of products lines were "materially affected" by Covid-19.
The provider’s 2020 results showed that, despite a fall in revenue, COR improved as P&C business in the UK reports growth in personal motor and commercial lines.
The improved position was down to lower motor claims due to the lockdown as the insurer reports growth in broker deals for household and commercial.
CEO Steve Treloar explains the consultation process is now complete after the provider last year put up to 600 roles from across LV and L&G at risk as part of a restructure.
Provider says total impact of Covid-19 BI claims in 2020 was £175m and details it has to date paid 78% of valid SME claims.
Combined operating ratio for the UK business deteriorated to 97.8%, but GWP was up by 11%.
COR deteriorates to 109%, but the provider says its outlook is positive as it also posts 19% rise in GWP.
The broker's turnover fell but adjusted Ebitda grew in 2019 according to its latest set of financial results, as the business also comments on its sale to Ormiston Holdco in early 2020.
Europe, Middle East and Asia CEO Simon Matson says the UK business achieved organic growth of 5% in 2020.
CEO David Howden hopes A-Plan will help attract UK brokers who do not want to join the "traditional aggregators" as it explores deals of all sizes.
The broking group says it has facilities of over £300m to support growth and acquisitions, as it looks to make more deals in the retail space and to grow its MGA arm, Dual.
Group CEO Paul Anscombe says the business is set to make acquisitions in the first half of the year, after pausing its deal-making plans in 2020 due to the pandemic.
MGA confirms it is in discussions with Qatar Re after missing the deadline to pay back its near £200m loan, as it seeks fresh third party investment.
The figures follow the management buy-out and include all areas of the business formerly known as Coversure.
Overall premiums remain flat after the provider continues to shrink its personal lines business, as Aviva also revises its expected impact from Covid-19 related claims to around £100m.
The business says it has a "robust forward-looking pipeline" after making five deals in Q3 2020.
The provider said Q3 numbers were “healthy” and reflected lower claims frequency and strong prior year releases.
The decision puts 16 people at risk of redundancy from the organisation which launched in January 2019.
The insurer saw GWP grow as its retail business reported an uptick in all five of its business units.
Group CEO Peter Blanc says the business has a number of more deals in diligence after seeing an uptick in enquiries as a result of the pandemic.
The insurer will separate its life and retirement business from its GI division and will refresh leadership as CEO Duperreault steps back to executive chairman role.
The group now employs over 900 people in 30 offices across the UK and Ireland, placing £440m of gross written premium.