© Reuters
Investing.com – Aviva (LON:) stock rose strongly Thursday after the U.K. asset manager and insurer announced a healthy rise in operating profit for 2023, upgraded dividend guidance and a new share buyback.
At 05:20 ET (10:20 GMT), Aviva shares gained 2.7% to £467.12, resulting in a year-to-date gain of over 7%. (£1 = $1.2750)
The company reported full-year 2023 operating profit of £1.47 billion, a 9% rise from the prior year, and above the forecast of £1.43 billion, according to a company-supplied consensus poll.
Insurers have been navigating issues such as a pandemic, elevated inflation and claims costs and higher losses from natural catastrophes by generally raising prices.
Suggesting confidence in the future, Aviva also announced an 8% increase in its total dividend, as well as a new £300 million share buyback program.
“We are building a clear track record of strong and consistent performance. In each of the last three years we have grown sales, operating profit and our dividend,” said CEO Amanda Blanc, in the results statement.
“Aviva is financially strong. We are trading consistently well. Our prospects have never been better.”
This story originally appeared on Investing
