Aviva has disclosed that its chief executive, Dame Amanda Blanc, received a £7.2 million pay package in 2024, following stronger-than-expected earnings ahead of the company’s £3.7 billion acquisition of Direct Line.

According to Aviva’s annual report, Dame Amanda’s compensation included a £2.2 million annual bonus and £3.7 million in long-term share awards. Her total earnings were slightly below the £7.3 million she received in 2023.

Looking ahead to 2025, she could potentially earn up to £10.4 million in pay and bonuses, depending on a substantial increase in the company’s share price. Additionally, her base salary is set to rise by 10% in 2025, compared to a 4.2% increase for the wider workforce.

The report emphasized the importance of keeping her salary competitive within both the UK and European markets, noting that since her appointment, her percentage salary increases have remained consistently below those of the broader workforce.

Alongside the pay details, Aviva reported a 20% rise in operating profit, reaching £1.77 billion in 2024, exceeding market expectations.

Dame Amanda expressed confidence in Aviva’s trajectory, stating that the Direct Line acquisition is progressing well and will strengthen the firm’s position in the motor insurance sector, covering over 20% of the UK market. The deal is expected to be finalized by mid-2025.

She highlighted Aviva’s strong performance over the past year and its potential for further growth, adding that the acquisition would enhance customer service, support the UK economy, and drive expansion in capital-light areas.

However, the company previously announced that approximately 2,300 jobs could be at risk following the Direct Line takeover due to planned cost reductions.

Following the earnings announcement, Aviva’s shares rose by 3%, reflecting investor confidence. The firm also reported a 16% increase in UK and Ireland general insurance premiums to £7.7 billion, as it continued adjusting prices for policyholders.

Looking ahead to 2025, Aviva stated that it remains focused on ensuring its general insurance pricing remains appropriately aligned with market conditions.