Aviva's 2014 interim results showed:
1) Operating profit increased 4% to £1,052 million due to lower restructuring costs and positive investment variances.
2) Cash remittances to the Group were up 7% at £612 million.
3) The value of new business increased 9% to £453 million, with growth in Poland, Turkey and Asia contributing 25% of the total.
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.”
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.”
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.”
“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.”
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.”
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.”
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.”
“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.”
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:
“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.”
Aviva plc third quarter 2013 interim management statementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Progress is in line with our expectations and we remain focused on delivering cash flow plus growth. In the first nine months of 2013 our key measure of growth, value of new business, increased by 14%. We had strong performances from France and our growth markets of Turkey, Poland and Asia. Conversely, value of new business remains depressed in our turnaround businesses of Italy and Spain, and this is being addressed.
“Capital generation in the period was stable at £1.3 billion and our economic capital surplus now stands at £8 billion. We continue to make satisfactory progress on cost reduction, with operating expenses 10% below the 2011 baseline.
“Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done.”
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.”
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
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.
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.
Safeguard Scientifics, Inc. (NYSE: SFE) has a distinguished track record of fostering innovation and building market leaders. For more than 60 years, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on healthcare and technology. Safeguard is a proven partner for entrepreneurs looking to accelerate growth and build long-term value in their businesses. Investors in SFE have a unique opportunity to tap into the high potential of Safeguard's early- and growth-stage partners companies.
Aviva announced its 2018 Interim Results this presentation outlines the headlines.
"Aviva has grown operating earnings per share by 4% and increased the dividend by 10%. The 10% increase in the interim dividend is our fourth consecutive half-year of double digit dividend growth and further proof of Aviva’s progress. During these choppy market conditions, it is reassuring that Aviva’s results are consistent, dependable and growing. Aviva remains financially strong with a capital surplus of £11 billion. In the first half of 2018, we started a £600 million share buy-back and paid off €500 million of expensive debt. We remain on track to achieve our financial targets." - Mark Wilson, Group Chief Executive Officer
Full detail can be found here: in.aviva.com/2Kd7Gdq
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:
“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.”
Aviva plc third quarter 2013 interim management statementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Progress is in line with our expectations and we remain focused on delivering cash flow plus growth. In the first nine months of 2013 our key measure of growth, value of new business, increased by 14%. We had strong performances from France and our growth markets of Turkey, Poland and Asia. Conversely, value of new business remains depressed in our turnaround businesses of Italy and Spain, and this is being addressed.
“Capital generation in the period was stable at £1.3 billion and our economic capital surplus now stands at £8 billion. We continue to make satisfactory progress on cost reduction, with operating expenses 10% below the 2011 baseline.
“Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done.”
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.”
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
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.
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.
Safeguard Scientifics, Inc. (NYSE: SFE) has a distinguished track record of fostering innovation and building market leaders. For more than 60 years, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on healthcare and technology. Safeguard is a proven partner for entrepreneurs looking to accelerate growth and build long-term value in their businesses. Investors in SFE have a unique opportunity to tap into the high potential of Safeguard's early- and growth-stage partners companies.
Aviva announced its 2018 Interim Results this presentation outlines the headlines.
"Aviva has grown operating earnings per share by 4% and increased the dividend by 10%. The 10% increase in the interim dividend is our fourth consecutive half-year of double digit dividend growth and further proof of Aviva’s progress. During these choppy market conditions, it is reassuring that Aviva’s results are consistent, dependable and growing. Aviva remains financially strong with a capital surplus of £11 billion. In the first half of 2018, we started a £600 million share buy-back and paid off €500 million of expensive debt. We remain on track to achieve our financial targets." - Mark Wilson, Group Chief Executive Officer
Full detail can be found here: in.aviva.com/2Kd7Gdq
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q2 2014 Earnings Call. For more information, check out http://investors.linkedin.com/.
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.
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.
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
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
The Aviva Real Retirement Report - Spring 2014Aviva plc
Aviva's Spring 2014 Real Retirement Report explores over-55s' views on retirement and what role their family plays in their plans. Findings from the consumer research shows that for over-55s retirement is a period of pursuing personal interests, hobbies and travel. However, family is important, and they particularly want to spend more time with family members. But many over-55s are over-looking their spouse and their family when they come to plan their retirement finances, and consider their finances a personal matter. This reluctance to involve the family also affects the number of people preparing a will.
CAS is a survey that asks people for their views on saving, financial planning and their priorities. We’ve carried it out in our markets since 2004 and over these last ten years we’ve surveyed almost a quarter of a million people. We currently ask 11,000 people three times a year and in our most recent survey (November 2013), we asked people for their views from eleven countries: UK, Ireland, Spain, Italy, France, Poland, China, India, Turkey, Singapore and Indonesia.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Cautionary statements:
This should be read in conjunction with the documents filed by Aviva plc (the “Company” or “Aviva”) with the United States Securities and Exchange Commission
(“SEC”). This announcement 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”, “estimates” 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 various local political, regulatory and economic conditions; market developments and government actions regarding the sovereign debt crisis in Europe; 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 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; a cyclical downturn of the insurance industry; 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; the
impact of catastrophic events on our business activities and results of operations; 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; the effect of the European Union’s “Solvency II” rules on our
regulatory capital requirements; 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; risks associated with arrangements
with third parties, including joint ventures; 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 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; 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 and other uncertainties relating to
announced acquisitions and pending disposals and relating to future acquisitions, combinations or disposals within relevant industries. For a more detailed
description of these risks, uncertainties and other factors, please see Item 3d, “Risk Factors”, and Item 5, “Operating and Financial Review and Prospects” in Aviva’s
most recent Annual Report on Form 20-F as filed with the SEC. Aviva undertakes no obligation to update the forward looking statements in this announcement or any
other forward-looking statements we may make. Forward-looking statements in this announcement are current only as of the date on which such statements are made.
Disclaimer
2
4. All metrics in this document other than balance sheet metrics are on a continuing basis
1. On a continuing basis, excluding US Life.
2. VNB on constant currency basis, excluding Eurovita, Malaysia and Aseval. Poland includes Lithuania.
3. The economic capital surplus represents an estimated unaudited position. The term ‘economic capital’ relates
to Aviva’s own internal assessment and capital management policies and does not imply capital as required
by regulators or other third parties.
Half Year 2014 Results summary
Cash flow
Cash remittances to Group up 7% at £612m (HY13: £573 million)
Operating capital generation (“OCG”) stable at £910 million (HY13: £933 million)
Interim dividend per share 5.85p (HY13: 5.6p)
Profit
Profit after tax1 up 113% to £863 million (HY13: £406 million) due to lower restructuring costs and positive investment variances
Operating profit1 4% higher at £1,052 million (HY13: £1,008 million)
Operating EPS1 16% higher at 23.6p (HY13: 20.3p)
Expenses
Operating expenses £1,399 million1 down £129 million year on year
Annualised expense reduction run-rate equivalent to £568 million vs £400 million target
Group operating expense ratio of 52.1% (HY13: 54.8%1)
Value of new business
Value of new business2 (“VNB”) up 9%2 to £453 million (HY13: £428 million)
Poland, Turkey and Asia grew 54%2 and contributed 25% of Group VNB
Combined operating ratio
Combined operating ratio (“COR”) improved to 95.5% (HY13: 96.2%)
UK COR of 94.3%, best in 7 years
Balance sheet
IFRS net asset value per share up 7% at 290p (FY13: 270p)
MCEV Net asset value per share up 3% at 478p (FY13: 463p)
External leverage ratio 46% of tangible capital (FY13: 50%), 30% on S&P basis
Intercompany loan reduced to £3.6bn at end of July 2014 (Feb14: £4.1bn)
Economic capital surplus3 £8.0 billion, 180% (FY13: £8.3 billion, 182%)
4
5. 5 key metrics
£1,052m
HY14
£1,008m
HY13
£1,399m
HY14
£1,528m
HY13
95.5%
HY14
Operating profit
96.2%
HY13
Combined operating ratio
£573m
HY13
£453m
HY14
£428m
HY13
Cash remittances
£612m
Value of new business
HY14
5.6p
HY13 HY14
Operating expenses
Interim dividend
5.85p
55% 52%
51. VNB on constant currency basis, excluding Eurovita, Malaysia and Aseval.
4% 8%
0.7
ppt
7%
9%1
4.5%
6. Progress on cash flowCashflow
Issue
Early progress satisfactory
1
2
3
4
6
Below 50%
Increase cash flow, efficiency and
retention
Below 40% on TNAV basis and
below 30% on S&P basis
More than double annual run-
rate to £0.8bn
Plan HY update
52% (FY13 54%)
£100m from UK Life
back book actions
46% on TNAV
basis, 30% on
S&P basis
Remittances up 7%
to £612m. Central
spend 24% lower
Operating expense ratio is too high
Excess cash flow is inadequate
considering our earnings power
Life back books are inefficient and
capital intensive
High external leverage and debt service
levels deflates profits and restricts
financial flexibility
7. Progress on growth
Potential for growth through reallocation of capital
5
6
7
8
7
Reallocate resources to growth
businesses
Increase average product holdings
Two million MyAviva customers
Positive external fund flows at
Aviva Investors
VNB up 9%1
Ongoing
1.2 million customers
£1 billion of
platform net flows.
New AIMS product
launched
Growth is necessary but not at the cost
of dividends
Third party flows are weak
Current cross-sell rate is unacceptable
Need to grow digital and direct
Growth
1. Constant currency basis. Growth markets: Poland, Turkey and Asia
VNB of growth
markets up 54%1
U/W result up 11%
Issue Plan HY update
8. Savings achieved ahead of £400m target
Expense ratios
FY 2013 HY 2013 HY 2014
Restructuring costs 284 120 3
Solvency II 79 44 39
Total 363 164 42
Operating expense ratio
• Addressing fixed nature of operating cost base
• Applying Systems Thinking to drive sustainable efficiencies
• Cells to improve expense ratio
• Savings on restructuring costs are in addition to operating
expense reductions
Actions taken in 2014
Satisfactory progress towards operating expense ratio target
-3ppt
50%
TargetHY 2014
52%
HY 2013
55%
Below
Reduction in Restructuring costs
8
3,366
3,234
3,006
1,399
(132)
(228)
(208)
FY11 Saving FY12 Saving FY13 Saving FY14 run
rate
568
Annual
Savings
1,399
Implied
FY14
run rate
Below
50%
9. Sustainable and progressive cash flow growth
Investment Thesis – “Cash flow plus growth”
Remittances from business units less central
and debt financing costs
Cash flow
1. Life Value of new business
2. GI Underwriting result
3. AI External net fund flows
Growth
True customer composite Digital first Not everywhere
Customer experience driven by digital
Serving all customer needs across Life,
GI, Health and Asset Management
Only in markets where we can win
Our strategic anchor
@
9
11. Operating profit improvement
IFRS Operating profit reconciliation
Operating profit HY13 1,008
UK Annuities (40)
Weather year on year (40)
Aseval (22)
Foreign exchange impact on income (90)
Operating expense savings 129
Other 107
Operating profit HY14 1,052
Operating profit £ million HY13 HY14 Change
Life 910 954 5%
General Insurance & Health 428 403 (6)%
Fund Management 42 48 14%
Other operations (49) (54) (10)%
Life, GI, fund management
& other operations
1,331 1,351 2%
Corporate costs (72) (64) 11%
Group debt & other interest costs (251) (235) 6%
Operating profit (continuing basis) 1,008 1,052 4%
Integration & restructuring (164) (42) 74%
Operating profit after integration &
restructuring (continuing basis)
844 1,010 20%
Investment Variances (308) 209 N/A
Tax & other Items (130) (356) (174)%
Profit after tax (continuing basis) 406 863 113%
Earnings per share
(basic pps)
HY13 HY14 Growth
Operating EPS 20.3 23.6 16%
Total EPS 10.2 25.0 145%
11
12. Net asset value per share IFRS MCEV*
Opening NAV per share at 31 December 2013 270p 463p
Operating profit 24p 31p
Dividends and appropriations (9)p (9)p
Investment variances & AFS equity movements 4p 3p
Pension fund 11p 11p
Integration and restructuring costs, goodwill impairment, other (1)p (8)p
Foreign exchange (9)p (13)p
Closing NAV per share at 30 June 2014 290p 478p
Net asset value
Movements shown net of tax and non controlling interests
*Opening MCEV net assets restated
12
13. • Expense focus giving improved operating profit
• £100m of back book actions achieved in H1
Early stages of back book actions
• Regulatory changes impacting VNB but business
adapting
• Assets under management on IFA platform
increased to £4bn
UK Life
Operating profitValue of new business
£ million HY13 HY14
Annuities 138 81 (41)%
Protection 36 45 25%
Pensions 30 27 (10)%
Equity release & other 20 24 20%
Total 224 177 (21)%
£472m
£438m
£263m
£296m
£350m
£300m
36.9%
30.8%
13
Remittance to group
Operating Expense RatioOperating expenses
HY14HY13HY14HY13
HY14HY13HY14HY13
14. Combined operating ratio
HY13 HY14
Personal Motor 96% 95%
Home 90% 95%
Commercial Motor 113% 99%
Commercial Property 86% 87%
Total 96% 94%
UK GI
Operating profit
£m HY13 HY14
Underwriting result 78 114
Inv Income internal loan 116 82
Other Inv Income 45 55
Total 239 251
Operating Expense Ratio
Net written premium
• COR is at its best level for 7 years despite storms in
January & February
• Continued benefits from risk selection capabilities
• Expense discipline in the face of lower volumes
• H2 focus on returning to growth
15.1% 14.9%
£1,963m
HY14
£1,836m
HY13
Operating expenses
£360m
£328m
£114m
£239m £251m
£137m
£161m
£78m
HY14HY13
Underwriting ResultLTIR
Operating profit
HY14HY13HY14HY13
14
15. Value of new business
£m HY13 HY14
Protection 30 30 0%
Unit linked savings 32 53 66%
Other savings 28 27 (4)%
Total 90 110 23%
France
• Operating profit up 6% in constant currency
• 23% VNB growth on top 39% growth in 2013
• Assets under management of over €90bn
generating stable revenue
• COR improved two percentage points to 94%
£216m £222m
Life
29.5%
33.8%£203m£216m
£110m
£90m
HY14HY13
GI
11.5%12.5%
15
Operating Expense Ratio
VNB
Operating expenses
Operating profit
HY14HY13HY14HY13
HY14HY13
16. • Net written premiums up 6% on constant
currency basis
• Remittances expected in H2 2014
• Adverse operating profit impacts of weather
£40m and foreign exchange £21m
• Ontario regulatory reforms progressing in line
with expectations – margin neutral
Combined operating ratio
HY13 HY14
Personal Motor 87% 95%
Home 95% 101%
Commercial 97% 97%
Total 92% 97%
Canada
£147m
£83m
£196m
£161m
£1,026m
£1,126m
15.8% 15.1%
16
11.7%1
12.4%1
1 Excludes premium tax at c. 3.4%
Operating Expense Ratio
Net written premium
Operating expenses
Operating profit
HY14HY13HY14HY13
HY14HY13HY14HY13
17. 31.0%
General Insurance Combined Operating Ratio
Current year
underlying
loss ratio
Combined
operating
ratio
Prior year
reserve
movement
Weather vs
LTA
64.5%
HY14
64.1%
HY13
(0.8)%(0.1)%
HY14HY13
Expense ratio
1Commission ratio
2Expense ratio
95.5%
HY14
96.2%
HY13
32.3%
HY14HY13
10.5%2 10.0%2
21.8%1
21.0%1
(0.2)%
0.8%
HY14HY13
17
18. GBP Constant
CurrencyHY13** HY14
UK & Ireland 226 19% 183 19%
France 90 23% 110 27%
Poland* 21 58% 34 64%
Turkey 20 30% 14 10%
Asia* 41 62% 66 76%
Italy* 18 44% 26 49%
Spain* 11 61% 18 67%
Total VNB* 428 6% 453 9%
New business
margin* (%APE)
29% 1ppt 28% 1ppt
Value of new business
*Poland includes Lithuania, Italy excludes Eurovita, Spain excludes Aseval and Asia excludes Malaysia.
**HY13 total includes £1m for Russia
• UK VNB impacted significantly by lower individual annuities
• Greater collaboration with Aviva Investors and UK Life
• Improvement in France driven by higher volumes of higher
margin unit linked products
• Spain and Italy grew VNB as their turnaround continues, but
remain below their potential
• Growth markets Poland, Turkey and Asia accounted for 25%
of Group VNB (HY13: 19%)
• Excluding the impact of a change in withholding tax
methodology Turkey VNB stable
• Reduction of margin due to the impact of individual annuities
offset by higher margin protection and unit linked
18
19. A focus on improving efficiency ratios
31%
15% 14%
52%55%
<50%
14%12bps11bps
15%
35%
Expenses per
Profit Driver
Analysis* (PDA)
PDA Expenses Op Expenses Op Expenses Op Expenses
Op profit + PDA
Expenses
Net Written
Premium
Average Funds
Under
Management
Net Written
Premium
Op profit (before
debt costs) + Op
Expenses
We expect Group operating expense ratio to improve
Life GI FM Health Group
Segmental efficiency ratios
19
Group ratio
*Life expenses are per the profit driver analysis, excluding commission expenses and DAC on new business.
HY13 HY14 Plan
20. Cash remittances
Total by country* Operating capital generation
£ million HY 13 HY 14
UK & Ireland Life 258 414
UK & Ireland GI 216 228
France 174 127
Canada 108 40
Spain 33 23
Italy 52 33
Poland 65 85
Asia 63 (13)
Other** (36) (27)
Total 933 910
Remittances
Comments on remittances
HY 13 HY 14
300 350 Increased by 17%
0 0 Payable in H2 in line with prior year
103 90 Further remittance due in H2
63 0 No interim HY14. Full remittance H2
17 33 Increased by 94%
0 0 Payable in H2 in line with prior year
83 99 Increased by 19%
0 21 Singapore received H1 (2013 received H2)
7 19 AI received H1 (2013 received H2)
573 612
Remittances up 7% to £612m
* Continuing operations
** Other includes AI, Turkey, Other Europe, Aviva Reinsurance and Group activities
20
21. 5.8
4.1
3.6
2.2
0
2
4
6
2012 Feb-14 Jul-14 Dec-15
£bn
Improving financial strength
Intercompany loan
External leverage ratio reduced to 46%
Plan
46%
50%50%
30%
32%
20
25
30
35
40
45
50
Plan
AA
HY1420132012
33%
S&PTNAV
1. The economic capital surplus represents an estimated unaudited position. The term ‘economic capital’ relates to Aviva’s own internal assessment and capital management policies
and does not imply capital as required by regulators or other third parties.
21
External leverage ratio
% Plan
<40%
• Economic capital surplus1 £8.0bn (1Q14: £7.8bn)
• Central liquidity £1.2bn
• External leverage reduced to 46% from 50% at FY13 on TNAV basis
• Leverage reduced to 30% on S&P basis from 32% at FY13
• Intercompany loan reduced to £3.6bn – On plan for £2.2bn for December 2015
25. Operating Expense Ratio
Components of Operating Expense Ratio
£ million HY13 HY14
Market Operating Profit 1,331 1,351
Less Corporate Centre (72) (64)
Group Operating profit excluding Debt Costs and Pension income 1,259 1,287
Add operating expenses 1,528 1,399
Operating Income 2,787 2,686
Total Operating Expenses over Operating Income 55% 52%
-3ppt
HY13
55% 52%
HY14
Operating Expense Ratio
Operating expenses
Operating income
= Expense ratio
25