Aviva reported interim results for 2018 that showed operating profit up 4% and operating EPS up 4%. Several major markets delivered strong growth, including the UK (up 10%), France (up 12%), Canada (up 7%), and Singapore (up 10%). Aviva remains confident in achieving its full year target of over 5% growth in operating EPS and will continue organic growth initiatives, pursue bolt-on M&A opportunities, and return excess capital to shareholders.
Bragg Gaming Group is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg's main portfolio asset is ORYX Gaming, an innovative business-to-business gaming technology platform and casino content aggregator. Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry.
Bragg Gaming Group is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg's main portfolio asset is ORYX Gaming, an innovative business-to-business gaming technology platform and casino content aggregator. Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry.
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Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
Bragg Gaming Group is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg's main portfolio asset is ORYX Gaming, an innovative business-to-business gaming technology platform and casino content aggregator. Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry.
Bragg Gaming Group is a next generation gaming group with cutting-edge technology, leading brands and world-class management expertise, developing into a global gaming force. Formed by a team of gaming industry experts, Bragg's main portfolio asset is ORYX Gaming, an innovative business-to-business gaming technology platform and casino content aggregator. Through this brand and targeted acquisitions, Bragg is focused on becoming a leader within the evolving global gaming industry.
Mark Cutifani’s presentation at the 2020 BofA Global Metals, Mining & Steel C...Anglo American
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Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
Egbert Bierman, Investment Director at Transamerica Ventures, talks about Aegon's Corporate Venture Fund, the markets it's in, strategy and portfolio at the KBW Life Insurance & Technology Conference in 2016.
“After three years of turnaround we are now moving to a different phase of delivery. We have improved the balance sheet, simplified the Group and we are now transforming our business. The progress is evident in these results.
“The Friends Life integration is ahead of schedule and we have delivered £63 million of run-rate synergies after three months. This is encouraging but nowhere near complete. Amidst the integration, our UK Life business continued to grow, with value of new business up 31% excluding Friends Life.
“In general insurance, premiums and operating profits were higher. The combined ratio was 93.1%, the best in eight years, and underwriting profits increased 45%.
“The 15% increase in the dividend is a further step towards achieving our target payout ratio and underlines our confidence in our cash flow and the business.”
Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
Aviva plc First Quarter 2015 Interim Management Statement Aviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is on track and ahead of schedule. It’s been a busy quarter. We have completed the acquisition of Friends Life and at the same time delivered an improvement in our key metrics. Value of new business is up, our general insurance combined operating ratio has improved and our IFRS book value has grown over the quarter. In the face of unpredictable global markets, we continue to improve the Group’s resilience.
“Detailed plans to integrate Friends Life are well underway and whilst this is a challenging and complex project, we are confident of timely progress. We expect 2015 to be a year of continued delivery of our turnaround plan.”
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Aviva plc
Falling inflation has given over-55s back their financial freedom and boosted saving habits as essential spending has fallen by 7% in a year, according to research from Aviva.
Making your money last in retirement - Aviva's longevity reportAviva plc
In our making your money last in retirement special report we compare and consider consumer attitudes to the facts about longevity, and make some clear recommendations about how the government and the industry must respond.
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In our making your money last in retirement special report we compare and consider consumer attitudes to the facts about longevity, and make some clear recommendations about how the government and the industry must respond.
Aviva's biannual UK Family Finances report (December 2014) reveals that:
> UK parents of 0-5s juggle earnings with childcare expenses
> 1 in 10 families using childcare for 0-5s say lower earner takes home nothing after childcare / work costs are paid
> Lower earner typically brings home just £243 after childcare / work costs are paid
> One in three families using childcare for 0-5s turn to grandparents
> Working parents are being hamstrung by childcare costs, with thousands effectively working for nothing, Aviva can reveal.
The company’s Winter 2014 Family Finances Report also reveals that one in 10 families paying childcare costs for youngsters aged 0-5, effectively see one earner bring home nothing from his or her job after childcare and work costs are taken into account.
Similarly one in four families in this position has one parent who brings home less than £100 a month after costs.
Find out more in the full report.
Infographics and quotagraphics to accompany this report are available on Flickr at https://www.flickr.com/photos/avivaplc/
#FamilyFinances
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is delivering. Our key metrics have improved again. Year to date, our net asset value is 10% higher; value of new business is up 15%1 and the general insurance combined ratio improved to 95.9%.
“The steps we have taken to focus and strengthen the Group mean we are in a different position to two years ago.
“Notwithstanding this progress, there is still more to do before we can be satisfied we are fully delivering on our investment thesis of cash flow plus growth.”
Mark Wilson, Group Chief Executive Officer, said:
“The half year results show that momentum in Aviva’s turnaround continues. All of our key metrics have improved, operating earnings per share are up 16%, and book value has increased 7%.
“We have reduced our debt, decreased expenses and increased profit – this is just good business. Aviva remains a work in progress, and these results are a step in the right direction.”
Road to Reform: Tackling the UK’s Compensation Culture July 2014Aviva plc
Aviva’s report, ‘Road to Reform: Tackling the UK’s Compensation Culture’ calls for three key reforms which will reduce cost and improve service for Britain’s insured drivers:
Compensate minor, short-term personal injuries in road accidents with rehabilitation only. Insurers would arrange and pay for the customer’s rehabilitation, regardless of whether the customer is at fault or not. Cutting cash compensation for minor whiplash injuries could save an estimated £900m from the current annual £2 billion* cost of whiplash claims in the UK
Restrict personal injury lawyers to cases where their expertise is needed. Raising the threshold at which legal costs can be recovered by a lawyer could save £300m in straight-forward cases for minor injuries where lawyers are not necessary
Ban referral fees. A further £200m can be saved annually by banning referral fees for vehicle recovery, car repairs and car hire
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
2. Disclaimer
Cautionary statements:
This should be read in conjunction with the documents distributed by Aviva plc (the “Company” or “Aviva”) through The Regulatory News Service (RNS). This presentation contains, and we may
make other verbal or written “forward-looking statements” with respect to certain of Aviva’s plans and current goals and expectations relating to future financial condition, performance, results,
strategic initiatives and objectives. Statements containing the words “believes”, “intends”, “expects”, “projects”, “plans”, “will,” “seeks”, “aims”, “may”, “could”, “outlook”, “likely”, “target”, “goal”,
“guidance”, “trends”, “future”, “estimates”, “potential” and “anticipates”, and words of similar meaning, are forward-looking. By their nature, all forward-looking statements involve risk and
uncertainty. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aviva believes factors that could
cause actual results to differ materially from those indicated in forward-looking statements in the presentation include, but are not limited to: the impact of ongoing difficult conditions in the
global financial markets and the economy generally; the impact of simplifying our operating structure and activities; the impact of various local and international political, regulatory and
economic conditions; market developments and government actions (including those arising from the referendum on UK membership of the European Union); the effect of credit spread
volatility on the net unrealised value of the investment portfolio; the effect of losses due to defaults by counterparties, including potential sovereign debt defaults or restructurings, on the value
of our investments; changes in interest rates that may cause policyholders to surrender their contracts, reduce the value of our portfolio and impact our asset and liability matching; the impact
of changes in short or long term inflation; the impact of changes in equity or property prices on our investment portfolio; fluctuations in currency exchange rates; the effect of market fluctuations
on the value of options and guarantees embedded in some of our life insurance products and the value of the assets backing their reserves; the amount of allowances and impairments taken
on our investments; the effect of adverse capital and credit market conditions on our ability to meet liquidity needs and our access to capital; changes in, or restrictions on, our ability to initiate
capital management initiatives; changes in or inaccuracy of assumptions in pricing and reserving for insurance business (particularly with regard to mortality and morbidity trends, lapse rates
and policy renewal rates), longevity and endowments; a cyclical downturn of the insurance industry; the impact of natural and man-made catastrophic events on our business activities and
results of operations; our reliance on information and technology and third-party service providers for our operations and systems; the inability of reinsurers to meet obligations or unavailability
of reinsurance coverage; increased competition in the UK and in other countries where we have significant operations; regulatory approval of extension of use of the Group’s internal model for
calculation of regulatory capital under the European Union’s Solvency II rules; the impact of actual experience differing from estimates used in valuing and amortising deferred acquisition costs
(“DAC”) and acquired value of in-force business (“AVIF”); the impact of recognising an impairment of our goodwill or intangibles with indefinite lives; changes in valuation methodologies,
estimates and assumptions used in the valuation of investment securities; the effect of legal proceedings and regulatory investigations; the impact of operational risks, including inadequate or
failed internal and external processes, systems and human error or from external events (including cyber attack); risks associated with arrangements with third parties, including joint ventures;
our reliance on third-party distribution channels to deliver our products; funding risks associated with our participation in defined benefit staff pension schemes; the failure to attract or retain the
necessary key personnel; the effect of systems errors or regulatory changes on the calculation of unit prices or deduction of charges for our unit-linked products that may require retrospective
compensation to our customers; the effect of fluctuations in share price as a result of general market conditions or otherwise; the effect of simplifying our operating structure and activities; the
effect of a decline in any of our ratings by rating agencies on our standing among customers, broker-dealers, agents, wholesalers and other distributors of our products and services; changes
to our brand and reputation; changes in government regulations or tax laws in jurisdictions where we conduct business, including decreased demand for annuities in the UK due to proposed
changes in UK law; the inability to protect our intellectual property; the effect of undisclosed liabilities, integration issues and other risks associated with our acquisitions; and the
timing/regulatory approval impact, integration risk, and other uncertainties, such as non-realisation of expected benefits or diversion of management attention and other resources, relating to
announced acquisitions and pending disposals and relating to future acquisitions, combinations or disposals within relevant industries; the policies, decisions and actions of government or
regulatory authorities in the UK, the EU, the US or elsewhere, including the implementation of key legislation and regulation. For a more detailed description of these risks, uncertainties and
other factors, please see ‘Other information – Shareholder Information – Risks relating to our business’ in Aviva’s most recent Annual Report. Aviva undertakes no obligation to update the
forward looking statements in this presentation or any other forward-looking statements we may make. Forward-looking statements in this presentation are current only as of the date on which
such statements are made.
3.
4. EPS Cash
HY 2018 key financial metrics
Operating EPS
26.8p, +4%
9.25p per share
+10%
DividendCapital
Solvency II ratio
1
187%, -11pp
Cash remittances
2
£1.49bn, +28%
4
All footnotes on page 48
5. 7 out of 8 major markets delivered strong growth
UK3,4,5
Ireland
France6
Canada
Singapore Italy7
Poland
Aviva Investors
£(13)m £(84)m
5
£1,040m +10% £279m +12% £95m +8%
£76m +7% £50m +14% £46m +10% £82m +9%
All footnotes on page 48
6. UK
Ireland
France Canada
Singapore Italy7
LT Savings net inflows £2.5bn
Annuity sales +83%
GI COR8 94.3%
AIMS improved performance
Positive cost-income jaws
Investment in talent
Mix shift to U/L & protection
Operating expenses -2%
GI COR8 95.5%
GI COR8 104.6%
Weather 2.2ppts above LTA
Early signs underlying improvement
Net inflows £2.3bn driven by hybrid
and with-profits
GI COR8 97.4%
Completed sale of Avipop
VNB9 +43%
Growth from volume and mix
Aviva FA: 772 advisers
Poland
Aviva Investors
Major markets performance highlights
6
Maintained high quality mix
U/L & protection c85% of sales
GI COR8 89.0%
GI COR8 87.1%
NWP flat as market cycle evolves
Completed Friends First acquisition
All footnotes on page 48
7. Confidence in achieving >5% FY growth ambition
7
H1 Headwinds
*
2018 FY
Ambition
FY Outlook
- Canada -£84m
- UK Weather -£60m
- Disposals -£83m
+ Organic growth
+ Canada stabilisation
+ 2017/18 Capital returns
EPS growth >5%
*HY18 on HY17
9. 9
Disciplined deployment of surplus capital
£600m buyback announced
£376m completed YTD*
Organic
growth
Capital
returns
Bolt-on
M&A
Invest to grow – internally funded
GCS, AFA, Aviva Investors, BPA, LT savings
c.£500m target
€146m: completed acquisition of Friends First in Ireland
c.£900m target
€500m 6.875% T2 repaid in May
2018 capital deployment: YTD progress
Debt
deleveraging
H2 outlook
$575m to repay
7.875% RT1 Nov 18
c.£400m
Unused budget will reduce
debt or roll into 2019
Invest to grow
Business as usual
£224m
Remainder to complete
*As at 31 July 2018
10. +4% +28%
HY 2018 key messages
On track for >5%
operating EPS target
in FY18
Confidence reflected
in continued growth in
the dividend
+10%187%
Strong and resilient
capital position
maintained
Surplus deployed to
de-lever and provide
additional returns
10
Operating EPS SII Capital1
Cash
remittances2
Interim
dividend
All footnotes on page 48
11.
12. 12
Operating profit
£m HY17 HY18 Change
Major markets UK Insurance4,5
942 1,040 10%
Aviva Investors 71 76 7%
Canada 71 (13) n/a
France (excl. Antarius) 250 279 12%
Poland 88 95 8%
Italy (excl. Avipop) 75 82 9%
Ireland 44 50 14%
Singapore 42 46 10%
Total major markets 1,583 1,655 5%
Strategic investments (33) (59) (79)%
Corporate costs, non insurance & other (66) (62) 6%
Group debt costs4
(189) (184) 3%
FPI 70 71 1%
Contribution from disposals* 100 17 (83)%
Operating profit 1,465 1,438 (2)%
Operating EPS
26.8p
+4%
Operating EPS
after I&R costs
26.8p
+8%
*Disposals include Antarius in France, Avipop in Italy and Spain
All footnotes on page 48
13. 13
Net asset value10
(14)p
(19)p
27p
Opening NAV per share
at 1 January 2018
423p
(4)p
Pension movement 3p
FX
Investment variances
& short-term fluctuations
Share buyback (5)p
Dividends
Operating profit
Closing NAV per share
at 30 June 2018
411p
Other
Disposals
AVIF amortisation
£105m
£52m
HY18HY17HY16
Integration & restructuring costs
14.9p
7.9p
2.5p
HY18HY17HY16
Basic EPS
1p
(2)p
1p
£0m
All footnotes on page 48
14. 14
Operating profit
5
689
727
831
185
207
195
7%
10%
HY18
1,040
HY174
942
HY164
881
UK Insurance3
Life
GI
Health
Performance
£m
• Unique, large scale multi-line insurer with unparalleled
brand & distribution and a top 3 rank across multiple
product lines
• Long term savings net flows up 17% to £2.5bn (HY17:
£2.1bn), BPA volumes
9
x5 to £1.5bn (HY17: £0.3bn)
driven by M&S win
• 94.3% GI COR
8
(HY17: 93.2%) with PY releases and
improved underlying performance more than offset by 3pp
(£60m) higher weather costs
• Continued benefits from positive longevity developments,
driving an increase in ‘Other’ of £98m
• £1.25bn of Friends Life specials remitted to date,
exceeding 2016-18 target of £1bn
All footnotes on page 48
15. 15
Life
UK Insurance profit drivers
General Insurance
89
106
2,1102,105
309 322
133
108
HY17 HY18
Operating profit (£m)
Long-term savings
• £121bn AuA (HY17: £109bn; FY17:
£118bn)
• £23bn Platform AuA (+12% vs. FY17)
• Stable inforce margin (25bps))
Annuities & Equity Release
• £2.6bn PVNBP
9
(+83%)
• Our largest ever BPA win (£0.9bn)
• Temporarily reduced NB margin
pending origination of target asset mix
Protection
• New business sales down: pricing
discipline in competitive market
• Actions taken following adverse
claims experience in 2H17
Net written premiums (£m)
• Maintained disciplined growth in our
preferred channels in a soft market
• +5% Commercial Non Motor
• +11% Direct Home
93.2 94.3
Combined ratio8
(%)
• Weather vs. budget: adverse (0.2)pp
in CY vs. favourable 2.8pp in PY
• 2.0pp benefit from PY releases
(HY17: 0.5pp)
• Normalised COR of 96.1% improved
by 0.4pp
Operating profit (£m)
• Underwriting result down 15% mainly
due to higher weather costs despite
continued underlying progression
207 195
HY18HY174
All footnotes on page 48
16. 16
Operating profit
Canada
Performance
Target COR 94-96%
by 2020
• Small improvement on 2H17 loss despite materially elevated
weather losses and challenging conditions in motor market
• COR
8
104.6% (HY17: 98.9%; 2H17: 105.3%) with c2pp higher
weather costs following significant wind & ice storms
• Commercial COR 97.8% while Personal COR remained >100%
• Normalised COR 101.9% (HY17: 96.9%; 2H17: 104.4%); early
signs of progress from recovery plan
• NWP +5% (excl. FX) to £1.5bn with rate increases in Personal
Lines and underwriting discipline in Commercial Lines
• Encouraging progress from remediating actions to date around
pricing, risk selection, distribution and claims; Further work
necessary to return COR to targeted 94-96% range by 2020
(23) (15)
58
(8)(11)(10)
40
(31)
26
100
HY182H17HY17HY16*
(6)
Operating profit
excl. weather & PYD
Weather vs. budgetPY development
£71m
£(25)m
£(13)m
£88m
*HY16 excludes RBC (acquired 2H16)
All footnotes on page 48
17. 17
Operating profit
49
71
76
45%
HY18
7%
HY16 HY17
Aviva Investors
FM
Performance
• Stable average AUM in difficult market environment while we
continue to invest to expand capabilities
• Investment to build equities team and broaden distribution
coverage in the US & Europe
• Revenue growth exceeded expense growth with operating
profit margin increasing to 27% (HY17: 26%)
• £347bn AUM (FY17: £351bn15
) with £3.7bn net outflows
primarily in internal legacy products
• AIMS AUM £12.0bn (FY17: £12.6bn): improved relative
performance
• External clients were 35% of revenue and 21% of AuM at
HY18, stable period to period
£m
All footnotes on page 48
18. 18
Operating profit
173
196
229
16
54
50
32%
HY18
12%
279
HY17HY16
189
250
France*
GI & Health
Life
Performance
• Strong distribution footprint, with increased brand
recognition providing an opportunity to expand our
presence with customers
• VNB
9
up 10% to £123m (HY17: £111m) driven by higher
volumes and improved mix
• Protection and unit-linked sales contributed 49% of
PVNBP
9
(HY17: 46%)
• COR
8
95.5% (HY17: 93.2%) with adverse PYD partly offset
by lower large losses & continued underlying improvements
• GI NWP +4% (excl. FX) mainly from pricing actions
• Increased focus on efficiency with operating expenses
down 2% (excl. FX)
£m
(excl. Antarius)
*All numbers exclude Antarius (disposal completed 1Q17)
All footnotes on page 48
19. 19
Operating profit
60
77
86
11
9
8%
40%
HY18
95
HY17
88
HY16
63
3
Poland
GI
Life
Performance
• High ROCE multi-line franchise with 15% share of profit
pool
• Life operating profit +8% (excl. FX) with higher assets under
management driving increased fee income
• VNB
9
£25m (HY17: £28m); Maintained high quality mix with
protection & unit-linked sales c85% of total new business
sales
• COR
8
89.0% (HY17: 86.2%) with lower NWP from
underwriting actions on Personal Motor in softening market
• Continued focus on digital strategy with new propositions
under development
£m
All footnotes on page 48
20. 20
Operating profit
67 67 68
10 8
14
75
HY16
77
9%
(3)%
HY18
82
HY17
Italy*
Life
GI
Performance
£m
• Multi-line business with major bancassurance partnerships
and a growing IFA franchise
• £2.3bn net inflows (HY17: £0.9bn; FY17: £2.3bn) from
continued success of capital-light ‘hybrid’ and WP products
• VNB
9
nearly tripled to £146m (HY17: £50m) from higher
volumes and improved with-profit margins
• Strong flows to drive growth in life operating profit in the
second half
• COR
8
improved to 97.4% (HY17: 98.7%) from remediating
motor book; NWP down 10% (excl. FX)
• Completed sale of Avipop JV to Banco BPM for €265m
(excl. Avipop)
*All numbers exclude Avipop (disposal completed 1Q18)
All footnotes on page 48
21. Ireland
21
Operating profit
12
6
13
20
38
37
14%
38%
HY18
50
HY17
44
HY16
32
Life
GI
Performance
£m
• Largest multi-line insurer with strong brand and 15%
market share in both Life and GI
• COR
8
87.1% (HY17: 84.7%) with lower PY releases and
less benign weather partly offset by improved underlying
performance
• NWP stable at £223m (HY17: £221m) as focus remained
on pricing discipline
• Life operating profit benefitted from asset optimisation on
annuity book
• Friends First acquisition completed in June - integration in
progress
All footnotes on page 48
22. 22
Operating profit
(11)
50 47
57
(5)(6)
10%
(5)%
HY18
46
HY17
42
HY16
44
Singapore
GI & Health
Life
Performance
£m
• Top 6 in Life & Health segment with opportunity to take
additional share through disruptive distribution strategy
• Life operating profit up 22% (excl. FX) to £57m from
strong growth in FA channel partly offset by investment
to build scale in GI & Health
• Aviva Financial Advisers: up 49% to 772 advisers at
HY18 (HY17: 518; FY17: 673)
• VNB
9
up 47% (excl. FX) to £62m (HY17: £44m) with
double-digit volume growth from FA channel and further
mix shift: protection sales 47% of PVNBP
9
(HY17: 42%)
All footnotes on page 48
23. 23
Capital generation
£0.9bn
£(1.0)bn
£(0.8)bn
£11.0bn
£12.2bn
£0.1bn
£0.2bn£(0.2)bn
Disposals 30-Jun-18Dividend2018 capital
returns
Market, FX
and other
31-Dec-17
£(0.4)bn
Other capital
actions
Debt &
centre costs
BU underlying
generation
Underlying
capital
generation
£0.7bn
Operating capital
generation
£0.9bn
198%
1
187%
1
• £1.8bn impact from dividend payment, £600m share buyback and
€500m debt repayment
• OCG: £0.2bn lower reflecting reduced profitability in Canada, timing
differences due to BPA asset origination and impacts from disposals
All footnotes on page 48
24. 24
HY18 operating EPS
2018 outlook
Targeting operating EPS growth >5%
?
-
Organic growth in major markets: >5%
Canada: about flat because of weather
Capital returns: c4-5%
+
Sources of EPS growth
+
-
Perimeter changes: c(3)%
Tax: c(1)-(2)%
FX, weather & other
Longevity may contribute in 2018 & 2019
unless trends reverse
Underlying growth: c5%
Capital returns offset adverse impact from disposals
Small positive impact from FX & operating tax rate
Managing change spend in line with performance:
c(1)% net impact from combination of longevity,
weather & change spend
Reported operating EPS growth: 4%
+
+
-
=
• Residual impacts from disposals to date
• FPI completion expected late 2018
25. +4% +28%
HY 2018 key messages
On track for >5%
operating EPS target
in FY18
Confidence reflected
in continued growth in
the dividend
+10%187%
Strong and resilient
capital position
maintained
Surplus deployed to
de-lever and provide
additional returns
25
Operating EPS SII Capital1
Cash
remittances
2
Interim
dividend
All footnotes on page 48
30. 30
Operating earnings per share
HY17 HY18
Group operating profit 1,465 1,438
Less operating tax (311) (303)
Minority Interest (73) (46)
DCI and fixed rate tier 1 notes (23) (6)
Preference shares (9) (9)
Total operating earnings after tax, MI & DCI and preference shares 1,049 1,074
Weighted average number of shares 4,061 4,009
Operating earnings per share 25.8 26.8
All footnotes on page 48
31. 31
Basic earnings per share
HY17 HY18
Operating profit attributable to shareholders 1,049 1,074
Investment return variances and economic assumption changes on long-term business (129) (419)
Short-term fluctuation in return on investments backing non long-term business (166) (160)
Economic assumption changes on GI & Health business (10) 27
Impairment of goodwill, joint ventures and associates and other amounts expensed (19) -
Amortisation and impairment of intangibles (71) (82)
Amortisation and impairment of acquired value of in-force business (201) (178)
Profit/(loss) on disposal and remeasurement of subsidiaries, JVs and associates 192 31
Integration and restructuring costs (40) -
Other11 - 22
Profit attributable to ordinary shareholders 605 315
Weighted average number of shares 4,061 4,009
Basic earnings per share 14.9p 7.9p
All footnotes on page 48
33. 33
Operating return on total capital employed
1. Following a correction to accounting and modelling for annual management charge rebates in UK Life, prior year comparatives have been restated
18.8%
14.3%
12.2%12.3%
10.1%
22.9%
12.9%
13.6%
7.1%
11.8%
20.1%
16.0%
13.6%
-1.5%
13.1%
FMAsiaEurope 3CanadaUK3
HY18HY17HY16
All footnotes on page 48
34. 34
Operating return on total capital employed & return on equity
Group return on equityGroup return on capital employed
12.7%12.4%
11.0%
HY18HY17HY16
9.5%9.3%
8.8%
HY18HY17HY16
All footnotes on page 48
35. 35
`
£m Before tax After tax
Weighted average
shareholders’ funds including
non-controlling interests
Return on Equity %
United Kingdom Life3,5
831 659 10,883 12.1%
United Kingdom General Insurance3,5
209 169 1,720 19.7%
United Kingdom 1,040 828 12,603 13.1%
Canada (13) (10) 1,325 (1.5)%
Europe 526 374 5,495 13.6%
Asia 132 128 1,596 16.0%
Fund management 74 53 527 20.1%
Corporate and Other Business12
(132) (85) 5,597 n/a
Return on total capital employed 1,627 1,288 27,143 9.5%
Subordinated debt (188) (152) (6,988) 4.4%
Senior debt (1) (1) (1,417) 0.1%
Return on total equity 1,438 1,135 18,738 12.1%
Less: Non-controlling interests — (46) (1,141) 8.1%
Direct capital instrument and tier 1 notes — (6) (730) 4.9%
Preference capital — (9) (200) 8.5%
Return on equity shareholders' funds — 1,074 16,667 12.7%
Analysis of operating return on equity
All footnotes on page 48
37. 37
Solvency II – sensitivities
Impact on solvency cover ratio
30/06/2018 solvency cover ratio: 187%
1
25bps increase in interest rate 4%
100bps increase in interest rate 12%
25bps decrease in interest rate (6)%
50bps decrease in interest rate (12)%
50bps increase Corporate Bond spread13 (4)%
100bps increase Corporate Bond spread13 (8)%
50bps decrease in Corporate Bond spread13 4%
Credit downgrade on annuity portfolio14 (4)%
10% increase in market value of equity 2%
10% decrease in market value of equity (2)%
25% decrease in market value of equity (5)%
10% increase in maintenance and investment expenses (8)%
10% increase in lapse rates (3)%
5% increase in mortality / morbidity rates – life assurance (3)%
5% decrease in mortality rates – annuity business (12)%
5% increase in gross loss ratios (3)%
All footnotes on page 48
38. HY18 £bn % of SCR % of own funds
Tier 1 22.1 128% 78%
T1 unrestricted 19.6 113% 69%
T1 restricted 2.5 15% 9%
Tier 2 5.8 33% 21%
Tier 3 0.4 2% 1%
28.3 163% 100%
38
Solvency II own funds by tier
• Regulatory view of own funds
adjusted by £4.7bn due to with-profits
funds, pension schemes, notional
reset of transitionals and other pro-
forma adjustments
• Shareholder view coverage ratio of
187%
1
Shareholder viewRegulatory view*
*Estimated
All footnotes on page 48
39. External debt – a balanced maturity profileSubordinated debt profile
8.250% 6.875%
7.875%
6.875% 5.902%
6.625%
12.000%
8.250%
6.125%
8.25%
7.875%
6.875% 6.875% 5.9021%
All callable debt instruments have been presented at optional first call dates at nominal values converted to GBP using 30 June 2018 rates.
£259m
£162m
£600m
£400m£400m
£700m
£796m
£619m
£575m
£500m
£450m
£800m
£500m
£210m
£436m
20382030202920262025202420232022
£1,300m
2021
£871m
20202018 2019
Tier 3Tier 2Restricted Tier 1
All footnotes on page 48
41. 41
Total managed assets
Participating assets by typeAssets by liabilities covered
HY18
356,018
78,135
153,371
124,512
HY17
350,238
80,758
142,493
126,987
Shareholder funds
Policyholder funds
Participating funds
56,780 52,840
70,207 71,672
126,987 124,512
HY18HY17
UK With-profits
style
Euro-style
Shareholder assets by type
67,280 64,914
13,22113,478
78,13580,758
HY18HY17
GI, Health
& other
Annuity &
non-profit
£m
All footnotes on page 48
42. 42
Shareholder assets
Shareholder assets by type
9,065 9,970
18,975 19,636
27,065 23,323
23,061
23,080
HY18
78,135
2,126
HY17
80,758
2,592
Corporate debt by rating
Government debt by rating
9% 10% 41% 29%
9%
1%
22% 66% 5%
5%
2%
Less than BBB
Non-ratedBBB
A
AA
AAA
Non-ratedAA
AAA Less than BBBA
BBB
Total: £23,323m
Total: £23,080
£m
Corporate bonds
Other
Government debt
Mortgage loans
Other debt
All footnotes on page 48
43. 43
Shareholder assets
Corporate bonds by industry Loans by type
9%
16%
17%
7%
6%
9%
2%
14%
20%
Financials - Banks
Real estate
Oil & gas
Communications
Other
Industrial
Consumer services
Financials - Insurance & other
Utilities
5%
9%
15%
71%
Healthcare, Infrastructure & PFI other loans
Loans & advances to banks
Mortgage loans
Other
Total: £27,717m
All footnotes on page 48
47. 47
Estimated amortisation of acquired value of in-force
£0m
£100m
£200m
£300m
£400m
£500m
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
FPI
FL UK
Other Aviva businesses
This is our latest estimated projection as provided at FY17 and is subject to a number of factors including the effects of markets.
We announced the sale of FPI in July 2017. It is expected to complete in late 2018.
All footnotes on page 48
48. 48
Footnotes
1. The estimated Solvency II position represents the shareholder view only. See Section 8i of the Analyst Pack for more details.
2. Cash remitted to Group and Solvency II operating capital generation are managed at legal entity level. As Ireland constitutes a branch of the United Kingdom
business, cash remittances from Ireland are not aligned to the new management structure within Europe, but they are reported within United Kingdom.
3. Following the launch of UK Insurance which brings together UK Life, UK General Insurance and UK Health into a combined business, the Ireland Life and
General Insurance businesses have been aligned to the new management structure and reported within Europe. As a result, comparative balances have been
restated.
4. Prior year comparatives have been restated for the impact of the AGH loan. This restatement has been applied to these slides only and has not been applied to
the Analyst Pack.
5. Non-insurance operations relating to the UK have been reclassified to their respective market segments to better align with the segmental note as per note B5
‘Segmental Information’ of the Analyst Pack.
6. Excludes Antarius (disposed of).
7. Excludes Avipop (disposed of).
8. The combined operating ratio is now reported on an earned basis. Comparatives have now been aligned to reflect this change.
9. PVNBP and VNB are presented on an adjusted Solvency II basis.
10. NAV is presented net of tax and MI.
11. Other includes a gain of £36 million relating to negative goodwill on the acquisition of Friends First (refer to Note B4(a) of the Analyst Pack) and a charge of £14
million relating to goodwill payments to preference shareholders which were announced on 30 April 2018.
12. The Corporate and other business loss before tax of £132 million comprises corporate costs of £99 million, other business operating loss (net of investment
return) of £74 million, partly offset by interest on internal lending arrangements of £5 million and finance income on the main UK pension scheme of £36 million.
13. Credit spread movement for corporate bonds with credit rating A at 10 year duration, with the other ratings and durations stressed by the same proportion
relative to the stressed capital requirement.
14. An immediate full letter downgrade on 20% of the annuity portfolio bonds (e.g. from AAA to AA, from AA to A).
15. Following a review of external funds under management, comparative amounts have been amended from those previously reported to reflect the fact that
certain crossholdings had not been correctly eliminated on consolidation. The effect of this change is to reduce external funds under management by £2.5
billion.