Aviva Ireland has reported a general insurance operating profit of €72m from 2023, up from €32m in 2022.
The insurance group said the increase was predominantly driven by investment return in a higher interest rate environment.
The company said its gross written premiums for the year rose by 5% to €521m from €495m the previous year due to strong growth in its commercial lines business and a return to growth in personal lines.
Declan O'Rourke, Aviva Insurance Ireland's chief executive, said Aviva's general insurance business in Ireland performed positively in a challenging market in 2023.
"We welcome the significant progress made by government in implementing the Action Plan for Insurance Reform in 2023, particularly in the areas of anti-fraud, rebalancing the duty of care and the introduction of mediation by the Injuries Resolution Board (IRB) as part of the Personal Injuries Resolution Board Act," Mr O'Rourke said.
He also said that Aviva supports government policy to increase the number of personal injury claims resolved without recourse to litigation, but added that it continues to see very high rejection rates of IRB assessments by claimants with their solicitors.
"When the Personal Injury Guidelines were introduced three years ago, we expected rejection rates to decline to low single digits but instead they have increased from 49% to 56% for motor insurance. These rejections are eroding the benefits of reform, delaying compensation to claimants, adding to legal costs and, ultimately, leading to increased premiums for customers," he added.
Meanwhile, the company's UK parent today announced a £300m share buyback today after strong performances in general and health insurance helped it to a 9% rise in 2023 operating profit, sending its shares higher.
Operating profit came in at £1.47 billion, slightly above analysts' forecasts of £1.43 billion, according to a company-compiled consensus poll.
Insurers have been navigating issues such as a pandemic, elevated inflation and claims costs and higher losses from natural catastrophes by raising prices and excluding riskier business.
Commercial insurer Beazley announced record profits and a $325m share buyback today and motor and home insurer Admiral posted a 23% rise in annual pre-tax profit.
Life and general insurer Aviva, which has its main operations in Britain, Canada and Ireland, also said it was upgrading its targets, including a target for operating profit of £2 billion by 2026.
"Aviva is moving even faster than before," chief executive Amanda Blanc said on a media call. "We are exceeding our targets and setting new ones."
The insurer increased its dividend by 8% to 33.4 pence, against a forecast 33.3 pence.
KBW analysts described the results as "reassuring", reiterating their "market perform" rating on the stock.
However, fund management unit Aviva Investors saw operating profit drop 16% to £21m due to "challenging market conditions", according to a company statement.
Blanc said Aviva continued to look for "selective" acquisitions to fill gaps in its portfolio or for capital synergies.
Aviva said earlier this week it would re-enter the Lloyd's of London commercial insurance market after more than 20 years with the £242m acquisition of insurer Probitas.
Blanc said Aviva was not interested in Direct Line, which last week rebuffed a £3.1 billion offer from Belgian insurer Ageas.
