- Aviva's key metrics have improved in the first half of 2014, with cash remittances, operating profit, expenses, combined operating ratio and value of new business all increasing compared to the prior year.
- Operating expenses decreased 8% to £1,399 million due to cost savings initiatives. The operating expense ratio improved to 52.1%.
- Value of new business increased 9% to £453 million, with growth markets contributing 25% of the total.
- The combined operating ratio for general insurance improved to 95.5% and IFRS net asset value per share increased 7% to 290p.
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:
“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 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.”
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.”
“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 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:
“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 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.”
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.”
“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
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.
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.”
Dutch Residential Mortgage Market Update & the SAECURE programAegon
An update on the Dutch residential mortgage market, the Dutch economy, Aegon's mortgage business and its SAECURE program. The SAECURE program was initiated in 2000 and is managed by Aegon subsidiaries Aegon Levensverzekering N.V. and Aegon Hypotheken B.V.. Aegon's proven underwriting criteria and servicing have led to the high performance of outstanding SAECURE transactions.
At a glance:
Revenue of CHF 5.9 billion, up 5.4%
Adjusted operating income of CHF 947 million, up 2.6%
Adjusted operating margin of 16.1%
Free cash flow of CHF 607 million, up 2.7%
Basic earnings per share of CHF 81.99, up 10.9%
Proposed dividend of CHF 68, up 4.6%
You can view our financial reports here: http://www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports.aspx
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.
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.”
Dutch Residential Mortgage Market Update & the SAECURE programAegon
An update on the Dutch residential mortgage market, the Dutch economy, Aegon's mortgage business and its SAECURE program. The SAECURE program was initiated in 2000 and is managed by Aegon subsidiaries Aegon Levensverzekering N.V. and Aegon Hypotheken B.V.. Aegon's proven underwriting criteria and servicing have led to the high performance of outstanding SAECURE transactions.
At a glance:
Revenue of CHF 5.9 billion, up 5.4%
Adjusted operating income of CHF 947 million, up 2.6%
Adjusted operating margin of 16.1%
Free cash flow of CHF 607 million, up 2.7%
Basic earnings per share of CHF 81.99, up 10.9%
Proposed dividend of CHF 68, up 4.6%
You can view our financial reports here: http://www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports.aspx
Highlights
•Revenues of CHF 2.8 billion, up 5.3% (constant currency)
•Adjusted EBITDA of CHF 554 million, up 5.3% (constant currency)
•Adjusted operating income of CHF 420 million, up 4.9% (constant currency)
•Adjusted operating margin of 15.0%, in line with H1 2013 (constant currency)
•Restructuring expense net of tax of CHF 8 million
The SGS Group achieved solid results in 2012, delivering revenue growth of 16.3% (14.5% on a constant currency basis) to CHF 5.6 billion with Oil, Gas & Chemicals Services becoming the first business sector to exceed one billion in revenues. Overall, a strong organic growth of 10.2% was complemented by a 4.3% contribution from recently acquired companies.
TCS recently reported its Q1FY15 results, which were in line on revenue front & at operating level. However, the net profits were above estimates, aided by higher other income. Buy on dips.
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
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
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.
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
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
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...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
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@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
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
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.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
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.
Scope Of Macroeconomics introduction and basic theories
Half Year 2014 Results Announcement
1.
1 On a continuing basis, excluding US Life.
2 Comparatives have been restated to reflect the changes in MCEV methodology. See F1 – MCEV Basis of Preparation for further details.
3 Operating expenses excludes integration and restructuring costs.
4 Poland includes Lithuania, Italy excludes Eurovita, Spain excludes Aseval and Asia excludes Malaysia.
5 On a constant currency basis.
6 External leverage ratio excludes the impact of the debt raised in July 2014.
7 The economic capital represents an estimated position. The economic capital requirement is based on Aviva’s own internal assessment and capital management policies. The term ‘economic capital’ does not imply capital as required
by regulators or other third parties.
News Release
Aviva plc
Half Year Report 2014
7 August 2014 Aviva plc
2014 Interim Results Announcement
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.”
Cash flow Cash remittances up 7% at £612 million (HY13: £573 million)
Operating capital generation1
stable at £910 million (HY13: £933 million2
)
Interim dividend per share up 4.5% at 5.85p (HY13: 5.60p).
Profit Operating profit1
4% higher at £1,052 million (HY13: £1,008 million)
Operating EPS1
16% higher at 23.6p (HY13: 20.3p)
IFRS profit after tax1
up 113% at £863 million (HY13: £406 million) due to lower
restructuring costs and positive investment variances
Expenses Operating expenses1,3
£1,399 million, down £129 million (HY13: £1,528 million)
Expense reduction equivalent to £568 million annualised savings vs. £400 million
target
Operating expense ratio1
of 52.1% (HY13: 54.8%)
Value of new business Value of new business4
up 9%5
at £453 million (HY13: £428 million2
)
Poland, Turkey and Asia4
grew 54%5
and contributed 25% of Group VNB (HY13: 19%)
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: 463p2
)
External leverage ratio 46%6
of tangible capital (FY13: 50%), 30% on S&P basis
Intercompany loan reduced to £3.6 billion at end of July 2014 (Feb14: £4.1 billion)
Economic capital surplus7
£8.0 billion (FY13: £8.3 billion), coverage ratio 180%
2. Aviva plc
Half Year Report 2014
Key financial metrics
Cash
Cash remitted to Group Operating capital generation
Continuing operations
6 months
2014
£m
6 months
2013
£m
Sterling
% change
6 months
2014
£m
Restated1
6 months
2013
£m
Sterling
% change
United Kingdom & Ireland Life 350 300 17% 414 258 60%
United Kingdom & Ireland General Insurance & Health — — — 228 216 6%
Europe 225 209 8% 258 321 (20)%
Canada — 63 (100)% 40 108 (63)%
Asia and Other 37 1 — (30) 30 (200)%
Total 612 573 7% 910 933 (2)%
Operating profit before tax: IFRS basis
Continuing operations
6 months
2014
£m
6 months
2013
£m
Sterling
% change
Life business 954 910 5%
General insurance and health 403 428 (6)%
Fund management 48 42 14%
Other* (353) (372) 5%
Total 1,052 1,008 4%
* Includes other operations, corporate centre costs and group debt and other interest costs.
Expenses
Continuing operations
6 months
2014
£m
6 months
2013
£m
Sterling
% change
Operating expenses 1,399 1,528 (8)%
Integration & restructuring costs 42 164 (74)%
Expense base 1,441 1,692 (15)%
Operating expense ratio 52.1% 54.8% (2.7)pp
Value of new business
Continuing operations
6 months
2014
£m
Restated1
6 months
2013
£m
Sterling
% change2
Constant
currency
% change2
United Kingdom & Ireland 183 226 (19)% (19)%
France 110 90 23% 27%
Poland3
34 21 58% 64%
Italy3
, Spain3
, Turkey & Other 58 50 16% 30%
Asia3
66 41 62% 76%
Aviva Investors 2 — — —
Value of new business – excluding Eurovita, Aseval & Malaysia 453 428 6% 9%
Eurovita, Aseval & Malaysia (9) (2) — —
Value of new business 444 426 4% 7%
General insurance combined operating ratio
Continuing operations
6 months
2014
£m
6 months
2013
£m Change
United Kingdom & Ireland 94.4% 96.9% (2.5)pp
Europe 96.4% 97.0% (0.6)pp
Canada 96.8% 92.4% 4.4pp
General insurance combined operating ratio 95.5% 96.2% (0.7)pp
IFRS profit after tax
6 months
2014
£m
6 months
2013
£m
Sterling
% change
IFRS profit after tax – continuing operations 863 406 113%
IFRS profit after tax – total 863 776 11%
Interim dividend
6 months
2014
6 months
2013
Sterling
% change
Interim dividend per share 5.85p 5.60p 4.5%
Capital position
30 June
2014
£bn
31 December
2013
£bn
Sterling
% change
Estimated economic capital surplus4
8.0 8.3 (4)%
Estimated IGD solvency surplus4
3.3 3.6 (8)%
IFRS net asset value per share 290p 270p 7%
MCEV net asset value per share (restated)1,5
478p 463p 3%
1 Comparatives have been restated to reflect the changes in MCEV methodology. See F1 – MCEV Basis of Preparation for further details.
2 Currency movements are calculated using unrounded numbers so minor rounding differences may exist.
3 Poland includes Lithuania, Italy excludes Eurovita, Spain excludes Aseval and Asia excludes Malaysia.
4 The economic capital and IGD surpluses represent an estimated position. The economic capital requirement is based on Aviva’s own internal assessment and capital management policies. The term ‘economic capital’ does not imply
capital as required by regulators or other third parties.
5 In preparing the MCEV information, the directors have done so in accordance with the European Insurance CFO Forum MCEV Principles with the exception of stating held for sale operations as at 30 June 2013 and 31 December
2013 at their expected fair value, as represented by expected sale proceeds, less cost to sell at those dates.
3. Aviva plc
Half Year Report 2014
1 Comparatives have been restated to reflect the changes in MCEV methodology. See F1 – MCEV Basis of Preparation for further details.
2 Poland includes Lithuania, Italy excludes Eurovita, Spain excludes Aseval and Asia excludes Malaysia.
3 On a constant currency basis.
4 On a continuing basis, excluding US Life.
Group Chief Executive Officer’s Report
Overview Progress has accelerated in 2014, and we are reporting improvement in all five of our key metrics, cash
(+7%), operating profit (+4%), expenses (-8%), combined operating ratio (-0.7ppt) and value of new
business1,2
(+9%3
). This is despite a number of challenges in the period including an overhaul of the UK
annuity market, a particularly harsh winter in Canada, UK floods and a stronger Sterling.
We have been resolute in improving efficiency and our results are starting to reflect this. Operating expenses
are £129 million lower, at £1,399 million (HY13: £1,528 million). This implies an annualised expense
reduction of £568 million by the end of 2014, ahead of the £400 million target set in 2012. “Below-the-
line” integration and restructuring expenses of £42 million are 74% lower year-on-year (HY13: £164
million). Higher profit and lower operating expenses have resulted in an operating expense ratio of 52.1%
(HY13: 54.8%). This is adequate progress towards our target of achieving an expense ratio of below 50%
by the end of 2016.
IFRS book value per share has increased 7% to 290p per share. As a result, our external leverage ratio has
improved to 46% (FY13: 50%) and 30% on an S&P basis. The intercompany loan balance is now £3.6
billion and we are on track to achieve our £2.2 billion target by the end of 2015. Economic capital surplus is
£8.0 billion, implying a coverage ratio of 180% and holding company liquidity is £1.2 billion. With lower
leverage, significantly improved economic capital and liquidity over the past 12 months, Aviva’s financial
strength is being restored. The interim dividend has increased 4.5% to 5.85p (HY13: 5.60p), consistent with
the growth in the 2013 final dividend.
While some macro-economic trends are encouraging, we are not waiting for the markets to spur
improvement in results. We will drive our true customer composite and digital first strategy through our
businesses, while remaining focused on markets in which we can win.
Cash flow
Cash remitted to
Group of £612
million up 7%
Most businesses
to pay dividends
in 2H14.
Cash flow remains an important metric. In HY14, the businesses remitted £612 million (HY13: £573 million)
to Group, an increase of 7%. Most of our businesses pay a dividend in the second half of the year and so
progress on cash remittances will not be known until our full year 2014 results. We remain focused on
increasing the remittance ratio to above 80% (FY13: 72%).
Operating capital generation (OCG4
) reduced marginally to £910 million (HY13: £933 million1
) primarily due
to weather losses in Canada and a lower investment return in UK GI due to a smaller inter-company loan.
While the smaller intercompany loan has an impact on OCG, the cash impact is offset by lower Group
interest costs.
Operating profit4
Operating profit4
:
£1,052 million,
up 4%
IFRS profit after
tax4
up 113%.
Operating EPS4
up
16% to 23.6p.
We are working to restore the link between operating profit, profit after tax and book value growth. During
the half, we grew operating profit 4%, increased operating profit after restructuring costs 20% and IFRS
profit after tax was 113% higher.
Operating profit increased 4% to £1,052 million (HY13: £1,008 million) despite the impact of lower annuity
sales, higher weather losses, disposals and adverse foreign exchange movements. These negative items
were more than offset by efficiency improvements and actions on our UK life back book, which generated
approximately £100 million of net additional profit. We remain at a very early stage in our back book
initiative.
Operating EPS4
improved 16% to 23.6p and IFRS profit after tax4
more than doubled to £863 million, as a
result of significantly lower integration and restructuring expenses and positive investment variances.
4. Aviva plc
Half Year Report 2014
1 Comparatives have been restated to reflect the changes in MCEV methodology. See F1 – MCEV Basis of Preparation for further details.
2 Poland includes Lithuania, Italy excludes Eurovita, Spain excludes Aseval and Asia excludes Malaysia.
3 On a constant currency basis.
4 On a continuing basis, excluding US Life.
5 External leverage ratio excludes the impact of the debt raised in July 2014.
Group Chief Executive Officer’s Report continued
Expenses
Operating expenses
down 8% to £1,399
million
Operating expenses4
were 8% lower at £1,399 million (HY13: £1,528 million). This expense run rate implies
a £568 million lower expense base compared to our baseline of 2011, on which the original £400 million
expense target was set.
Historically, integration and restructuring expenses have been too high and have impaired our after tax
profits and book value. In the first half, these “below the line” expenses declined 74% to £42 million
(HY13: £164 million).
We have subsequently shifted our expense focus away from an absolute reduction to one of improvement
in our operating expense ratio. Each cell in every business must improve its operating expense ratio year
after year. In HY14, our operating expense ratio reduced to 52.1% and we remain focused on achieving an
operating expense ratio below 50% by the end of 2016.
Value of new
business1,2
VNB up 9%3
to
£453 million
Growth markets
contributed 25%
of Group VNB
(HY13: 19%)
We measure our growth in life insurance by value of new business (VNB), which is a good proxy for future
cash flows. In HY14, VNB increased 9%3
to £453 million (HY13: £428 million) with highly satisfactory
performances in our growth markets of Poland (+64%3
) and Asia (+76%3
). Together with Turkey, our
growth markets contributed 25% of Group VNB (HY13: 19%).
Our turnaround markets of Italy and Spain grew VNB 49%3
and 67%3
respectively, although both remain
far from their potential. France continued its strong trajectory with 27%3
growth. VNB in UK Life declined
21% due to a 41% reduction in annuity VNB following the reforms announced in the 2014 Budget. We are
supportive of the increased flexibility that the annuity reforms give our customers and with our broad range
of products, including the recently launched Aviva Investors Multi Strategy fund range, we believe we are
well placed for these changes.
Combined
operating ratio
COR improved to
95.5%
(HY13: 96.2%)
In general insurance, the combined operating ratio (COR) improved to 95.5% (HY13: 96.2%). In the UK,
the COR of 94.3% (HY13: 96.3%) is the lowest reported in seven years despite the floods in the early part
of the year.
In Canada, adverse weather contributed to a 4.4ppt deterioration in the COR to 96.8% (HY13: 92.4%),
while in Europe the result was stable at 96.4% (HY13: 97.0%).
Overall, reserve releases remain modest at £30 million (HY13: £4 million) and the acquisition and expense
ratio has improved from 32.3% to 31.0%.
Financial strength
IFRS NAV per share
up 7% to 290p
We continue to make progress on restoring Aviva’s financial strength. IFRS net asset value per share
increased 7% to 290p and MCEV net asset value per share increased 3%1
to 478p.
With the growth in IFRS book value and repayment of £240 million of external debt, our HY14 external
leverage ratio was 46%5
(HY13: 50%) of tangible capital and 30% on an S&P basis, the latter broadly
consistent with a AA rating. Our target of an external leverage ratio below 40% of tangible capital and
below 30% on an S&P basis can be met over time and primarily through growth in our book value.
The inter-company loan is currently £3.6 billion (Feb14: £4.1 billion) and we remain on target to achieve the
£2.2 billion loan balance by the end of 2015, as agreed with our regulator.
People In the second quarter, Chris Wei was appointed CEO of Global Life Insurance. Chris, as former CEO of Great
Eastern Holdings Ltd in Singapore, has the strategic and financial acumen to make a difference to our life
insurance business at this critical stage of development.
5. A
H
4
O
M
G
Aviva plc
Half Year Report 2014
On a continuing basis,
Outlook
Mark Wilso
Group Chief
4
excluding US Life.
In s
key
As
imp
gap
Ou
hol
yea
sha
We
rem
on,
f Executive O
Group Ch
summary, the
y metrics have
the largest gen
portance to ou
p.
r new set of t
lding company
ar after year an
areholders.
e have reduced
mains a work in
Officer
hief Executive
half year resu
improved and
neral insurer an
ur customers su
targets to ach
y cash flow to
nd producing a
d our debt, de
n progress, and
e Officer’s Re
lts show that
d operating EPS
nd leading life
uch as motor i
ieve an operat
£0.8 billion fo
a significant up
ecreased expe
d these results a
eport continu
the momentu
S4
is up 16%.
insurer in the U
insurance refor
ting expense r
ocuses the Gro
plift in unencu
nses and incre
are a step in th
ed
m of Aviva’s t
UK, we continu
rm, insurance f
ratio of below
oup on what is
mbered free ca
eased profit –
e right directio
turnaround co
ue to campaign
fraud and add
50% and do
s important; im
ash flow that
this is just go
on.
ontinues. All of
n on major issu
dressing the sav
uble annual ex
mproving effici
can be returne
ood business. A
f our
es of
vings
xcess
iency
ed to
Aviva
6. Aviva plc
Half Year Report 2014
1 Comparatives have been restated to reflect the changes in MCEV methodology. See F1 – MCEV Basis of Preparation for further details.
2 Poland includes Lithuania, Italy excludes Eurovita, Spain excludes Aseval and Asia excludes Malaysia.
Group Chief Financial Officer’s Report
Overview
Results in the first six months of 2014 showed resilience, despite the challenges presented to the
Group. Operating profit increased 4% to £1,052 million, a 9% increase in constant currency, and
operating EPS increased 16% to 23.6p.
We continue to focus on improving efficiency. The HY14 operating expense base is £129 million
lower, which implies a run rate reduction of £568 million over the 2011 baseline. The operating
expense ratio of 52.1% is improved from 54.8% a year ago.
Aviva’s financial strength continues to improve. IFRS book value per share rose 7% to 290p (FY13:
270p). Our economic capital surplus is £8.0 billion (FY13: £8.3 billion) and central liquidity remains
adequate at £1.2 billion. The internal loan is now down to £3.6 billion (Feb14: £4.1 billion) and the
external leverage ratio has improved to 46% (FY13: 50%).
During the period we have increased cash remittances 7% to £612 million (HY13: £573 million),
with a number of our cash generators expected to pay dividends to Group in the second half of
2014.
Looking forward, our focus will shift from primarily balance sheet repair and capital conservation to
cash flow and earnings growth.
Business Unit
Performance
Our UK life business grew life operating profit 8% and cash remittances 17%, while at the same
time reducing operating expenses 11%. Operating profit included a net additional benefit to profit
of around £100 million from actions on our back-book. Value of new business (VNB) declined 21%
to £177 million (HY13: £224 million1
) primarily due to a 41% reduction in annuity VNB. We
continue to see strong net inflows onto our IFA platform, with assets under management now
exceeding £4 billion (HY13: £1.9 billion). Protection VNB increased 25% to £45 million as some
bancassurance partners reinvigorated sales of this product. In corporate pensions, our focus is on the
SME segment, and we expect to see further benefit from auto enrolment schemes in the second half
of the year.
Our UK general insurance business (“UK GI”) grew its underwriting result 46% to £114 million
(HY13: £78 million) and the combined ratio improved to 94.3% (HY13: 96.3%). The UK results
benefitted from expense savings and favourable prior year development partially offset by higher
weather losses in the first quarter. A lower long-term investment return (LTIR) of 3.0% on average
assets (HY13: 3.1%) resulted in UK GI operating profit only increasing by £12 million to £251 million
(HY13: £239 million). This lower investment return is due to a reduced balance on the inter-company
loan, which although it impacts the results of the UK GI business, is eliminated on consolidation by
lower interest costs at Group. In personal motor, we achieved a COR of 95% (HY13: 96%), despite
the rate environment. The homeowner COR of 95% (HY13: 90%) was impacted by the floods in the
first quarter. Commercial lines reported significant improvement, with a COR of 92% (HY13: 99%),
partially due to the commercial motor reserve strengthening in HY 2013 that did not recur.
Our European businesses reported a 6% increase in operating profit to £498 million (HY13: £472
million), a 9% increase in constant currency. Value of new business1,2
was 25% higher with the
developed European markets of France, Spain2
and Italy2
increasing VNB 29% to £154 million. Cash
remittances grew 8% across Europe to £225 million while OCG1
decreased 20% to £258 million.
The decline in OCG was primarily due to a one-off benefit from management actions to reduce
guarantees on minimum death benefits in France in the first half of 2013. Operating expenses were
8% lower at £306 million, a 4% improvement in constant currency. In Italy, the disposal of our stake
in Eurovita and simplification of our joint ventures has improved economic capital and sharpened our
strategic and product focus.
Operating profit in our Canadian general insurance business declined £64 million to £83 million
(HY13: £147 million). This was primarily due to higher weather losses of £40 million from the harsh
winter and a weaker Canadian dollar, which impacted operating profit by £21 million. The Canadian
dividend payment is expected in the second half of 2014, in contrast to 2013, when £63 million was
received in the first half of the year. The combined operating ratio in Canada was 96.8% (HY13:
92.4%).
7. A
H
1
2
3
4
5
6
7
C
L
N
T
G
Aviva plc
Half Year Report 2014
Comparatives have bee
Poland includes Lithuan
The economic capital r
by regulators or other t
The pro forma econom
HY14.
In preparing the MCEV
2013 at their expected
Net of tax and controll
External leverage ratio
Capital and
Leverage
Net Asset V
Thomas D.
Group Chief
4
en restated to reflect the
nia, Italy excludes Eurovita
represents an estimated po
third parties.
mic capital surplus at 1Q14
V information, the director
d fair value, as represented
ing interests.
excludes the impact of th
d liquidity
Value
Stoddard,
f Financial O
changes in MCEV method
a, Spain excludes Aseval a
osition. The economic cap
4 included the benefit of c
rs have done so in accord
d by expected sale procee
he debt raised in July 2014
Group Ch
In Asia, op
increased
(HY13: nil)
The turna
of the Av
increased
of some o
managem
impact of
high yield,
Our HY14
180%. Ec
transition
Group cen
plans, liqu
and initial
Since the
without re
reduction
improved
remain co
and below
Our interc
reported i
£150 milli
staff pens
Our IFRS
earnings,
been part
value per s
Net asset value6
Opening N
Operating
Dividends &
Investment
Pension sch
Integration
Foreign exc
Closing NA
Officer
dology. See F1 – MCEV Ba
and Asia excludes Malaysia
pital requirement is based
completing the Eurovita, T
ance with the European In
ds, less cost to sell at thos
4.
hief Financial
perating profit
by 62% to £6
l).
round at Aviva
viva Investors
32% to £41 m
of the retail f
ent at HY14
the River Road
, convertibles a
4 economic ca
conomic capita
to Solvency II.
ntre liquidity c
uidity has reduc
funding of ou
FY13 results a
efinancing and
and more im
to 46%7
of ta
mmitted to ach
w 30% on an S
company loan
n March and
on cash repay
ion scheme.
book value pe
positive investm
ially offset by
share increased
NAV per share
profit
& appropriations
t variances
heme remeasure
and restructurin
change moveme
AV per share at
asis of Preparation for furt
a.
on Aviva’s own internal a
Turkey GI, River Road and
nsurance CFO Forum MC
se dates.
Officer’s Rep
remained stab
66 million (HY
a Investors is, a
Multi Strateg
million (HY13: £
fund managem
of £234 billio
d disposal) exp
and emerging m
apital surplus3
al is our prefer
Our IGD surplu
currently stands
ced over the q
r UK reinsuran
announcement
d reduced inter
mportantly the
angible capital
hieving a debt
S&P basis, cons
balance curren
£5.8 billion re
yment and £36
er share increa
ment variances
dividend paym
d by 3% to 478
at 31 Decembe
s
ements
ng costs, goodw
ents
t 30 June 2014
ther details.
assessment and capital ma
South Korea transactions
EV Principles with the exc
port continue
ble at £35 millio
13: £41 million
as previously co
y fund range
£31 million), d
ment business
n, with £1.7
perienced in the
market debt.
is £8.0 billion
rred measure
us has increase
s at £1.2 billio
quarter due to
ce subsidiary, o
t we have calle
rnal leverage by
increase in IFR
l (FY13: 50%)
to tangible cap
istent with a A
ntly stands at £
ported in early
60 million of no
ased 7% to 2
s and favourab
ments and adve
8p (FY13: 463p
er 2013
will impairment a
4
anagement policies. The t
s. The South Korea, River
eption of stating held for
ed
on (HY13: £37
n) and cash rem
ommunicated,
is an import
ue to higher p
from UK Life.
billion of net
e period, prima
(1Q14: £7.8 b
of capitalisatio
d modestly to £
on (1Q14: £1.5
Group centre
offset by remitt
ed £240 millio
y £500 million
RS book value
and 30% on
pital ratio of be
A rating.
£3.6 billion, do
y 2013. This re
on-cash action
90p (FY13: 27
ble IAS19 pens
erse foreign ex
p1
) for similar re
nd other
term ‘economic capital’ do
Road and Eurovita transa
sale operations as at 30 J
7 million), value
mitted to Grou
likely to take t
tant milestone
performance fe
. The business
external outflo
arily due to rot
billion4
) with a
on, especially i
£3.3 billion (1Q
5 billion). In ac
spend, repaym
tances from th
on of expensiv
n. As a result o
e the external
an S&P basis
elow 40% over
own from the £
eduction has b
ns related to th
70p), primarily
sion surplus m
xchange move
reasons.
oes not imply capital as re
ctions have now complete
June 2013 and 31 Decem
e of new busin
up was £21 m
ime but the la
e. Operating p
ees and the tra
s had assets u
ows (excluding
tation out of g
a coverage rat
n anticipation
Q14: £3.2 billio
ccordance with
ment of hybrid
e businesses.
e external leve
f this external
leverage ratio
(FY13: 32%).
r the medium t
£4.1 billion bal
been achieved
he de-risking o
y due to opera
ovements. This
ments. The M
IFRS MCEV
270p 463p
24p 31
(9)p (9)
4p 3
11p 11
(1)p (8)
(9)p (13)
290p 478p
equired
ed at
ber
ess1,2
million
unch
profit
nsfer
under
g the
lobal
io of
of a
on).
h our
debt
erage
debt
o has
We
term,
ance
by a
f the
ating
s has
CEV5
1
p
p
p
p
p
p
p
p
8. Notes to editorsAviva plc
Half Year Report 2014
Notes to editors
All comparators are for the 6 months to 30 June 2013 unless
otherwise stated.
Income and expenses of foreign entities are translated at
average exchange rates while their assets and liabilities are
translated at the closing rates on 30 June 2014. The average rates
employed in this announcement are 1 euro = £0.82 (6 months to
30 June 2013: 1 euro = £0.85) and CAD$1 = £0.55 (6 months to
30 June 2013: CAD$1 = £0.64).
Growth rates in the press release have been provided
in sterling terms unless stated otherwise. The following
supplement presents this information on both a sterling and
constant currency basis.
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 verbal statements
containing, “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”, “projects”, “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
document include, but are not limited to: the impact of
conditions in the global financial markets and the economy
generally, including exposure to financial and capital markets
risks; the impact of simplifying our operating structure and
activities; the impact of various local political, regulatory and
economic conditions; market developments and government
actions to address fiscal and budget constraints in the EU, UK and
the US; 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 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 impact on our business and
strategy due to proposed changes in UK tax law relating to
annuities; the inability to protect our intellectual property; the
effect of undisclosed liabilities, integration issues and other risks
associated with our acquisitions; and the timing impact and other
uncertainties relating to acquisitions and disposals and relating to
other 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 Annual Report Form 20-F as filed with the
SEC on 24 March 2014. 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 presentation are current only as of the
date on which such statements are made.
Aviva plc is a company registered in England No. 2468686.
Registered office
St Helen's
1 Undershaft
London
EC3P 3DQ
Contacts
Investor contacts Media contacts Timings
Colin Simpson
+44 (0)20 7662 8115
David Elliot
+44 (0)20 7662 8048
Nigel Prideaux
+44 (0)20 7662 0215
Andrew Reid
+44 (0)20 7662 3131
Sarah Swailes
+44 (0)20 7662 6700
Real time media conference call: 07:15 hrs BST
Analyst presentation: 08:15 hrs BST
Presentation slides
www.aviva.com
06:30 hrs BST
Live webcast:
www.avivawebcast.com/interims2014/
08:15 hrs BST