The insurance company is expected to see a 5-7 percent increase in operating profit in 2023, despite facing pressure from rising costs and severe weather claims. General insurance premiums have seen a 13 percent increase from the previous year, reaching £8 billion, while protection and health sales have also risen by 23 percent, totaling £330 million. Workplace net flows have also increased by 26 percent to £5.1 billion, driven by strong new business and the impact of wage inflation. Amanda Blanc, the group chief executive officer, attributes the company’s trading momentum to its diversified business and leading positions in growing markets, emphasizing the customer-focused approach in dealing with claims following natural disasters.
The company’s focus on customers is evident in their efforts to assist with claims following wildfires, hail, and flooding in Canada, as well as their response to storms Babet and Ciarán in the UK. Teams on the ground have been working to help customers, arrange repairs to damaged properties, and provide alternative accommodation. The company’s commitment to their customers is reflected in its positive trading momentum and increased net flows in the workplace, despite the challenges posed by rising costs and severe weather claims.
The strong performance is driven by the insurer’s clear trading momentum, which is attributed to its diversified business and leading positions in growing markets. The focus on customers is evident in the company’s response to natural disasters, with teams on the ground helping customers with claims and providing support in repairing damaged properties. The company’s efforts have resulted in a 5-7 percent increase in operating profit in 2023, despite facing pressure from soaring costs and severe weather claims. This is a reflection of the insurer’s commitment to its customers and its ability to navigate challenges while maintaining positive momentum and growth in its business.
The insurance company’s commitment to its customers is reflected in the positive results, with general insurance premiums increasing by 13 percent and protection and health sales rising by 23 percent. Workplace net flows have also seen a considerable increase, driven by strong new business and the impact of wage inflation. Amanda Blanc, the group chief executive officer, emphasizes the customer-focused approach and the company’s efforts to assist customers in the aftermath of natural disasters. This, combined with the insurer’s diversified business and leading positions in growing markets, has contributed to its trading momentum and positive outlook for 2023.
