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'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 of Aviva, delivered a presentation at Aviva's Capital Markets Day on July 9th, 2014. He outlined Aviva's strategic focus on becoming a true customer composite company through digital enablement. This would allow Aviva to better serve all customer needs across multiple product lines. Wilson also emphasized improving cash flow and profitability by reducing costs, debt, and capital in underperforming business units in order to reallocate resources to growth areas. The presentation addressed key issues around accelerating cash flow, improving efficiency ratios, and unlocking value in back books to drive higher returns.
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.”
“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.”
- Aviva's Solvency II ratio is 180% and its balance sheet is considered one of the strongest in the UK market.
- The integration of the Friends Life acquisition is ahead of schedule, with £168 million in synergies achieved to date and a target of £225 million by the end of 2016.
- Operating profits increased 20% to £2.7 billion for 2015, while operating EPS rose 2% despite foreign exchange headwinds.
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'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 of Aviva, delivered a presentation at Aviva's Capital Markets Day on July 9th, 2014. He outlined Aviva's strategic focus on becoming a true customer composite company through digital enablement. This would allow Aviva to better serve all customer needs across multiple product lines. Wilson also emphasized improving cash flow and profitability by reducing costs, debt, and capital in underperforming business units in order to reallocate resources to growth areas. The presentation addressed key issues around accelerating cash flow, improving efficiency ratios, and unlocking value in back books to drive higher returns.
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.”
“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.”
- Aviva's Solvency II ratio is 180% and its balance sheet is considered one of the strongest in the UK market.
- The integration of the Friends Life acquisition is ahead of schedule, with £168 million in synergies achieved to date and a target of £225 million by the end of 2016.
- Operating profits increased 20% to £2.7 billion for 2015, while operating EPS rose 2% despite foreign exchange headwinds.
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.”
Aviva plc annual report and accounts 2013Aviva plc
The document is Aviva plc's 2013 Annual Report. It summarizes that 2013 was a year of transformation for Aviva with a new management team appointed and significant changes made to narrow the business portfolio and focus on the most attractive segments. The operating performance improved with adjusted operating profit growing 6% and cost savings of £360 million delivered out of a £400 million target. The Chairman expresses confidence in the progress made but acknowledges there is still much to do. The Board declared a final dividend of 9.4p per share and introduced a dividend reinvestment plan.
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.”
Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
- Aviva'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 reported its 2014 results and outlined its investment thesis of achieving cash flow from business units and growth through life insurance new business value, general insurance underwriting results, and asset management net fund flows.
- The document discusses Aviva's progress on its cash flow and growth goals and provides an overview of the rationale for its proposed acquisition of Friends Life, including expected financial and strategic benefits.
- Key details covered include expected synergies from the Friends Life acquisition, plans to increase Aviva's dividend, and securing a leading position in the UK market through additional customers and asset management funds.
At Aviva, they help over 33 million customers save for the future and manage life's risks through businesses across 16 markets offering life insurance, retirement, savings and pensions, general insurance, health insurance, and asset management. Aviva has over 29,600 employees focused on helping customers overcome uncertainty. Their strategy is to focus on markets and segments where they can win, emphasize a digital-first customer experience, and meet all customer needs through life, general, health, and asset management products.
Aviva half year results 2015 analyst presentationAviva plc
The document outlines cautionary statements regarding forward-looking statements made by Aviva plc. It notes that actual results could differ from forward-looking statements due to factors like difficult economic conditions, regulatory changes, catastrophic events, and more. It also provides a timeline of key events at Aviva from 2013 to 2015, including acquisitions, divestitures, leadership changes, and financial results.
Aviva reported strong financial results for 2015, with total dividends up 38% over the last two years and operating profit up 20%. The integration of the Friends Life acquisition was completed ahead of schedule, creating savings of £225 million. Aviva now insures one in four UK households and paid over £30.7 billion in benefits and claims to customers in 2015. The company also has one of the strongest solvency ratios in the UK market at 180% and is well positioned for continued growth and customer focus in 2016.
The corporate presentation discusses PFSweb's financial performance and outlook. It provides key metrics such as service fee equivalent revenue, which was $185.3 million in 2015 and is projected to be $225 million in 2016. Adjusted EBITDA was $20.7 million in 2015 and is estimated to be $22.5 million in 2016. The presentation also outlines PFSweb's business segments and global operations across major eCommerce platforms. It positions the company as the only global provider of end-to-end eCommerce solutions and discusses how strategic acquisitions have expanded its total addressable market.
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.
- Phillips 66 is a diversified energy manufacturing and logistics company with refining, midstream, chemicals, and marketing and specialties businesses.
- It has a portfolio of leading downstream businesses that generate resilient cash flow through the commodity cycle.
- The company pursues growth in its midstream and chemicals businesses while maintaining financial flexibility and returning capital to shareholders.
Capital Markets Day 2016 presentation slidesAviva plc
Aviva held a Capital Markets Day on July 6, 2016 to provide updates to shareholders and analysts. The presentation included a cautionary statement noting forward-looking projections are subject to risks and uncertainties. Andy Briggs then discussed Aviva's UK Life business, noting its leading market position provides a competitive advantage in delivering both cash flow and low to mid single digit earnings growth over 2016-2018, with projected cash remittances of £3.5-4 billion during this period.
This document provides an overview and financial results of GAM Holding AG for 2013. Key points include:
- Underlying net profit grew 30% to CHF 210 million, while IFRS net profit more than doubled to CHF 201 million.
- Average assets under management in investment management increased 4% contributing to higher management fees.
- Operating expenses grew 9% due to increased personnel costs, though the cost/income ratio improved.
- A dividend of CHF 0.65 per share is proposed, a 30% increase over the prior year.
- The document discusses Aegon's investments in financial technology startups through its corporate venture fund to support the company's digital transformation and build new digital platforms, tools, and services for customers. It highlights areas of interest like digital brokers, insurance aggregators, peer-to-peer insurance and lending, blockchain, and analytics. It also notes that corporate fintech investments by financial firms are growing significantly.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
This document provides an overview and agenda for GAM Holding AG's results and review presentation for the first half of 2013. It includes the following:
- H1 2013 saw strong profit growth and continued business development, with underlying net profit up 58% and average AuM up 8%.
- Changes in disclosure and financial results reporting were introduced to better reflect how the business is managed as one integrated group.
- The agenda outlines sections on the H1 overview, changes in disclosure, financial results, business updates, outlook and Q&A.
- Forward-looking statements are provided but subject to risks and uncertainties that could materially impact results.
Hyundai Capital Services reported its 1H16 earnings. Total assets grew 3.2% to KRW 25.3 trillion driven by new car and mortgage financing. Net income increased 32.6% to KRW 227.5 billion due to operating income growth and stable profits from overseas subsidiaries. Asset quality improved with delinquency rates falling to 1.9% and coverage ratios rising to 126.3% as the portfolio shifted toward lower risk auto loans. Liquidity and funding remained strong with a 134.1% ALM ratio and 75.1% of funding from bonds.
- CorEnergy Infrastructure Trust held an investor conference call to discuss its fiscal year 2016 results
- Key developments included declaring a $0.75 dividend for Q4 2016, bringing the annual dividend to $3.00 per share, and providing continued dividend guidance of $3.00 per share
- The presentation reviewed CorEnergy's asset portfolio and tenants, capital structure, recent financing activities, and outlook for 2017 including a focus on acquisitions of $50-250 million and continued stable dividend payments.
Aviva's Working Lives report - Issue 2, February 2013Aviva plc
The document provides an overview of a research report on employer and employee attitudes towards workplace pensions, savings, and benefits in the UK. It finds that while awareness of automatic enrollment reforms has increased, engagement remains a challenge, as many employees do not feel they can afford pension contributions. The report also finds differences in attitudes based on company size, with larger employers being further along in preparing for and managing automatic enrollment.
Digital media refers to creating, managing, and using still images, video, and audio content. The document introduces digital media and provides tips on using tools to create, find, and share content. It discusses the "4Cs" framework of social media: content, collaboration, community, and collective intelligence. Various websites and tools are listed that can help enhance learning through digital media.
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.”
Aviva plc annual report and accounts 2013Aviva plc
The document is Aviva plc's 2013 Annual Report. It summarizes that 2013 was a year of transformation for Aviva with a new management team appointed and significant changes made to narrow the business portfolio and focus on the most attractive segments. The operating performance improved with adjusted operating profit growing 6% and cost savings of £360 million delivered out of a £400 million target. The Chairman expresses confidence in the progress made but acknowledges there is still much to do. The Board declared a final dividend of 9.4p per share and introduced a dividend reinvestment plan.
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.”
Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
- Aviva'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 reported its 2014 results and outlined its investment thesis of achieving cash flow from business units and growth through life insurance new business value, general insurance underwriting results, and asset management net fund flows.
- The document discusses Aviva's progress on its cash flow and growth goals and provides an overview of the rationale for its proposed acquisition of Friends Life, including expected financial and strategic benefits.
- Key details covered include expected synergies from the Friends Life acquisition, plans to increase Aviva's dividend, and securing a leading position in the UK market through additional customers and asset management funds.
At Aviva, they help over 33 million customers save for the future and manage life's risks through businesses across 16 markets offering life insurance, retirement, savings and pensions, general insurance, health insurance, and asset management. Aviva has over 29,600 employees focused on helping customers overcome uncertainty. Their strategy is to focus on markets and segments where they can win, emphasize a digital-first customer experience, and meet all customer needs through life, general, health, and asset management products.
Aviva half year results 2015 analyst presentationAviva plc
The document outlines cautionary statements regarding forward-looking statements made by Aviva plc. It notes that actual results could differ from forward-looking statements due to factors like difficult economic conditions, regulatory changes, catastrophic events, and more. It also provides a timeline of key events at Aviva from 2013 to 2015, including acquisitions, divestitures, leadership changes, and financial results.
Aviva reported strong financial results for 2015, with total dividends up 38% over the last two years and operating profit up 20%. The integration of the Friends Life acquisition was completed ahead of schedule, creating savings of £225 million. Aviva now insures one in four UK households and paid over £30.7 billion in benefits and claims to customers in 2015. The company also has one of the strongest solvency ratios in the UK market at 180% and is well positioned for continued growth and customer focus in 2016.
The corporate presentation discusses PFSweb's financial performance and outlook. It provides key metrics such as service fee equivalent revenue, which was $185.3 million in 2015 and is projected to be $225 million in 2016. Adjusted EBITDA was $20.7 million in 2015 and is estimated to be $22.5 million in 2016. The presentation also outlines PFSweb's business segments and global operations across major eCommerce platforms. It positions the company as the only global provider of end-to-end eCommerce solutions and discusses how strategic acquisitions have expanded its total addressable market.
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.
- Phillips 66 is a diversified energy manufacturing and logistics company with refining, midstream, chemicals, and marketing and specialties businesses.
- It has a portfolio of leading downstream businesses that generate resilient cash flow through the commodity cycle.
- The company pursues growth in its midstream and chemicals businesses while maintaining financial flexibility and returning capital to shareholders.
Capital Markets Day 2016 presentation slidesAviva plc
Aviva held a Capital Markets Day on July 6, 2016 to provide updates to shareholders and analysts. The presentation included a cautionary statement noting forward-looking projections are subject to risks and uncertainties. Andy Briggs then discussed Aviva's UK Life business, noting its leading market position provides a competitive advantage in delivering both cash flow and low to mid single digit earnings growth over 2016-2018, with projected cash remittances of £3.5-4 billion during this period.
This document provides an overview and financial results of GAM Holding AG for 2013. Key points include:
- Underlying net profit grew 30% to CHF 210 million, while IFRS net profit more than doubled to CHF 201 million.
- Average assets under management in investment management increased 4% contributing to higher management fees.
- Operating expenses grew 9% due to increased personnel costs, though the cost/income ratio improved.
- A dividend of CHF 0.65 per share is proposed, a 30% increase over the prior year.
- The document discusses Aegon's investments in financial technology startups through its corporate venture fund to support the company's digital transformation and build new digital platforms, tools, and services for customers. It highlights areas of interest like digital brokers, insurance aggregators, peer-to-peer insurance and lending, blockchain, and analytics. It also notes that corporate fintech investments by financial firms are growing significantly.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
This document provides an overview and agenda for GAM Holding AG's results and review presentation for the first half of 2013. It includes the following:
- H1 2013 saw strong profit growth and continued business development, with underlying net profit up 58% and average AuM up 8%.
- Changes in disclosure and financial results reporting were introduced to better reflect how the business is managed as one integrated group.
- The agenda outlines sections on the H1 overview, changes in disclosure, financial results, business updates, outlook and Q&A.
- Forward-looking statements are provided but subject to risks and uncertainties that could materially impact results.
Hyundai Capital Services reported its 1H16 earnings. Total assets grew 3.2% to KRW 25.3 trillion driven by new car and mortgage financing. Net income increased 32.6% to KRW 227.5 billion due to operating income growth and stable profits from overseas subsidiaries. Asset quality improved with delinquency rates falling to 1.9% and coverage ratios rising to 126.3% as the portfolio shifted toward lower risk auto loans. Liquidity and funding remained strong with a 134.1% ALM ratio and 75.1% of funding from bonds.
- CorEnergy Infrastructure Trust held an investor conference call to discuss its fiscal year 2016 results
- Key developments included declaring a $0.75 dividend for Q4 2016, bringing the annual dividend to $3.00 per share, and providing continued dividend guidance of $3.00 per share
- The presentation reviewed CorEnergy's asset portfolio and tenants, capital structure, recent financing activities, and outlook for 2017 including a focus on acquisitions of $50-250 million and continued stable dividend payments.
Aviva's Working Lives report - Issue 2, February 2013Aviva plc
The document provides an overview of a research report on employer and employee attitudes towards workplace pensions, savings, and benefits in the UK. It finds that while awareness of automatic enrollment reforms has increased, engagement remains a challenge, as many employees do not feel they can afford pension contributions. The report also finds differences in attitudes based on company size, with larger employers being further along in preparing for and managing automatic enrollment.
Digital media refers to creating, managing, and using still images, video, and audio content. The document introduces digital media and provides tips on using tools to create, find, and share content. It discusses the "4Cs" framework of social media: content, collaboration, community, and collective intelligence. Various websites and tools are listed that can help enhance learning through digital media.
[ARCHIVE] Infographic of the Aviva Real Retirement Report Summer 2012Aviva plc
1. The document discusses finances for over-55s in the UK, including typical incomes, savings, debts, and home values.
2. Most over-55s rely on an employer pension (39%) and state pension (62%) for income, and have median savings of £15,756. Common debts include mortgages, personal loans, credit cards, and overdrafts.
3. The document recommends that people over 55 take the lead in getting financial advice as many employers provide little support for retirement planning. It also suggests considering reducing hours or working longer to ease the financial transition to retirement.
A research report into employer and employee attitudes to saving in the workplace. The start of automatic enrolment in October 2012 will affect all of the UK’s working population and forever change how people save for their retirement.
[ARCHIVE] Aviva Times of our Lives Report - Autumn 2012Aviva plc
The Aviva Times of Our Lives Report was launched in Spring 2012 and tracks the key experiences, ambitions, and concerns of people in the UK today as they journey through the ages of life. The report also looks at wealth accumulation and people's financial highs and lows, including how much extra income they wish they had to feel secure, and it provides an insight into their hopes and fears for their future and reflections on the past.
It’s 2012. There’s a dizzying new world of possibilities for creating and distributing content. We have the technology - but we also have some bad habits and emotional baggage getting in the way.
iCrossing’s Content Director Charlie Peverett takes you on an entertaining journey through the evolution of online content to give you a fresh and inspiring perspective on what really matters.
Find out why your first action might be to ban the blog.
The 2014 Edelman Trust Barometer’s Irish findings reveal a significant (11 points) drop in trust in government in Ireland over the past 12 months. The fall puts trust in government back to pre-general election levels. Trust in business fell slightly but is still trusted nearly twice as much as government. NGOs in Ireland remain the most trusted institution despite falling 5 points. Trust in media in Ireland also declined (8 points) and is now less trusted than business. Globally overall trust levels declined, driven by the decimation of trust in government which fell significantly in many of the 27 countries surveyed. Trust in business has stabilised at 58 percent due to the perception that it has made demonstrable change in the form of better products and new leadership.
Ireland Highlights 2014:
• The Trust Index, the average trust across the four institutions of business, government, NGOs and media, showed a 7 point drop for Ireland (to 39 points). This places Ireland as the third least trusting country of the 27 surveyed.
• NGOs in Ireland remain the most trusted institution despite falling 5 points to 58%.
• Business is the second most trusted institution in Ireland, despite a small 3 point decline to 41%. It is now nearly twice as trusted as government.
• The technology sector (67%) remained the most trusted industry sector, while banks were the least trusted at 19%.
• Trust in media fell 8 points to 37%, reversing a gradual improvement observed during the previous five years.
• Government is the least trusted of the four institutions with only 21% of people saying that they trust government to do what is right. This is the lowest level of trust recorded for Government since before the general election in 2011.
• More concerning again is the fact that only 3% of people trust government leaders a great deal to tell the truth.
• Credibility of CEOs as a source of information about a company fell seven points to 29%. CEOs are significantly less credible than Academics (68%).
• Traditional media (newspapers, radio and television) are the most trusted source of information in Ireland (61%), followed by search engines at 50%. Only 26% of people trust social media as a source of information.
• 56% believe that government is not doing enough to regulate business with the number increasing to 81% when specifically asked about the financial services sector.
[ARCHIVE] Sustainable economy in 2040: A roadmap for capital markets, executi...Aviva plc
This report shows investors how they can help create a resilient, stable and sustainable economy by investing wisely and using their power to shape the development of capital markets.
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.
The document summarizes findings from the Aviva Real Retirement Report about finances and attitudes of over-55s in the UK. It finds that while incomes are rising, many over-55s remain concerned about having enough money in retirement. It also examines attitudes towards the new pension freedoms announced in the 2014 UK Budget, finding that while awareness is high, over half say the changes don't affect them and most will continue with traditional retirement solutions rather than accessing savings early. Spending is rising across many categories as consumer confidence increases with the improving economy.
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Specifically, aerobic exercise was shown to improve executive function and memory in the study participants between the ages of 60-75 who exercised at least 30 minutes per day for 6 months.
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 document discusses health and wellness in the UK according to two reports. It examines UK BMI levels by gender and the top five exercises regularly undertaken. It also looks at rates of good, ok, and poor health compared to BMI levels and fruit and vegetable consumption versus tea and coffee drinking. Additionally, it analyzes mental health issues, including the top five causes of mental health conditions and the four most common mental health problems. Sources of stress and anxiety like money worries and loneliness in different generations are also reviewed.
Aviva's Road to Reform - reducing motor premiums by reforming the personal in...Aviva plc
The current motor insurance system is dysfunctional and has resulted in above-inflation premium rises for ordinary motorists.
The main reason for this is a disproportionate increase in minor bodily injury claims, most commonly for whiplash. Since 2009, the number of whiplash claims has risen by 32%, despite the number of accidents falling by 16%. In the same period personal injury claims soared to become more than half of all motor claims costs at Aviva; rising to 52% in 2011.
Aviva surveyed over 2,000 drivers to get their views on premiums and reform. The findings show an overwhelming belief among drivers that an excessive cash-compensation culture exists in the UK.
This document discusses using various social media tools like SlideShare, Twitter, Facebook, and FriendFeed for economics teaching. It provides examples of how each tool can be used, such as disseminating lecture materials on SlideShare, providing student reminders and feedback via Twitter, connecting students through Facebook groups, and collaboratively gathering online references using FriendFeed. The document advocates integrating these tools to enhance teaching and learning beyond traditional virtual learning environments.
The document discusses the history and importance of metadata. It describes how metadata standards have evolved over time, from MARC for library catalogs to Dublin Core for web pages to RDF for the semantic web. It also discusses how metadata is now commonly used for repositories of research publications and data to help discover and manage institutional assets. While search engines ignore most embedded metadata, standards and policies around metadata have still spread widely across domains like education, libraries, and cultural heritage.
A simple solution that can utilize data, tap into social sentiments and provide business value to mobile users is much desired. Social data can be tapped for both society and business, and everyone is looking for an application that can address both. This paper analyzes a working solution, its tenets and features, and also indulge in a bit of future gazing.
Aviva reported interim results for 2018 that showed operating profit up 4% and operating EPS up 4%. Several major markets delivered strong growth, including the UK (up 10%), France (up 12%), Canada (up 7%), and Singapore (up 10%). Aviva remains confident in achieving its full year target of over 5% growth in operating EPS and will continue organic growth initiatives, pursue bolt-on M&A opportunities, and return excess capital to shareholders.
Aviva's interim results showed an 11% increase in operating profit to £1,465 million. Key drivers of growth included strong performances in the UK, Europe, and Aviva Investors. The Solvency II capital ratio remained robust at 193%. Cash remittances increased 56% to £1,170 million and the interim dividend was raised 13% to 8.40 pence per share.
Aviva reported strong financial results in 2016. Operating profit increased 12% to £3.01 billion and operating EPS rose 3% to 51.1p. Cash remittances to the group were up 20% at £1.805 billion. The Solvency II capital ratio was 189%, above the target range. Business segments such as UK and Ireland Life, Canada, and Aviva Investors performed well. The Friends Life integration delivered cost synergies ahead of plan. Aviva is growing its dividend and returning additional capital to shareholders in 2017.
Aon plc provided an investor relations overview document that contained the following information:
1) Aon operates two industry-leading segments, Risk Solutions and HR Solutions, that focus on risk, retirement, and health. It has a global presence across over 120 countries.
2) The markets that Aon operates in, including risk insurance and retirement, are growing in both size and complexity long-term. Factors like GDP growth and emerging markets are driving increased demand for insurance.
3) Aon has positioned itself for growth by focusing its portfolio, making strategic acquisitions, and investing in global capabilities like data and analytics. It has made progress towards long-term operational targets and delivered strong financial results
This document provides an overview of Aon plc for investors. It summarizes that Aon is an industry-leading global professional services firm focused on risk, retirement, and health operating in growing markets. It operates two industry-leading segments, Aon Hewitt and Aon Risk Solutions, which serve clients in over 120 countries. The markets of risk, retirement, and health that Aon operates in are growing in both size and complexity long-term.
Aon plc provides an investor relations overview document that discusses its industry-leading franchise focused on risk, retirement, and health. It operates in growing markets and has positioned itself to create further shareholder value. Aon has focused its portfolio, invested in global capabilities, delivered strong financial results and free cash flow, and consistently outperformed peers in total shareholder returns. It sees opportunities to significantly increase free cash flow generation through operational improvements and has financial flexibility to effectively allocate capital.
This document provides an overview of Winnebago Industries' presentation at the Baird ESG Investor Conference on February 24, 2021. It begins with forward-looking statements and disclaimers, then discusses the company's strategic priorities, transformation, financial results, capital allocation, leverage ratio, and outlook for strong interest in the outdoors. The presentation highlights Winnebago's leadership in premium outdoor lifestyle brands and diversification across RV, marine, and specialty vehicles. It summarizes the company's focus on innovation, quality, service, and building lifetime customer intimacy.
- Financial Results for Q2 2015 were reported, with an earnings call scheduled for August 13, 2015 at 8:30am MTN.
- Adjusted EBITDA was $43 million, up slightly from Q1 2015. Consolidated estimated remaining proceeds (ERP) was $600 million, up from $612 million in Q1 2015.
- Purchasing was disciplined and maintained in Q2 2015. Commercial purchases increased significantly compared to the same period last year. Cash proceeds from collections were $91.6 million, down 18% from the prior year.
This document provides an overview of Aon plc for investors. It discusses Aon's industry-leading risk, retirement, and health solutions franchise operating in growing global markets. It highlights how Aon has focused its portfolio, invested in global capabilities, and made progress towards long-term operational targets while delivering strong financial results and total shareholder returns that have outperformed peers and market indices. The document also outlines the substantial opportunity for further value creation through significantly increasing free cash flow generation given Aon's strong financial flexibility and ability to effectively allocate capital to maximize returns.
This document provides an overview of Aon plc for investors. It discusses Aon's industry-leading risk, retirement, and health solutions franchise operating in growing global markets. It highlights how Aon has focused its portfolio, invested in global capabilities, and made progress towards long-term operational targets while delivering strong financial results and total shareholder returns that have outperformed peers and market indices. The document also outlines the substantial opportunity for further value creation through significantly increasing free cash flow generation, having strong financial flexibility to effectively allocate growing free cash flows to maximize total shareholder return.
This document provides an overview of Aon plc for investors. It discusses Aon's industry-leading franchise focused on risk, retirement, and health solutions. It operates in growing global markets in both the size and complexity of risk. The document outlines Aon's progress in positioning the firm against its strategic plan, including focusing its portfolio and investing in global capabilities. It made continued progress toward long-term operational targets and substantial opportunity remains for further value creation.
Strong second quarter
- Life Science and Healthcare post strong organic growth
- Organic sales growth in all regions
- Profitability rises thanks to growth and Sigma-Aldrich synergies
- Integration of Sigma-Aldrich on track
- Merck raises sales and earnings forecast for 2016 thanks to good business performance
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategic growth plan. It discusses SemGroup's Adjusted EBITDA measure and why certain items are excluded. It also notes key limitations of non-GAAP measures and that management compensates for these limitations. An overview is then provided of SemGroup's crude and natural gas assets, operations, and strategic growth areas. Key performance metrics and asset details are highlighted for SemGroup's crude and natural gas businesses.
This document provides a non-GAAP financial measure called Adjusted EBITDA used by SemGroup. It explains that Adjusted EBITDA excludes selected non-cash and other items to increase comparability between reporting periods and is used by management and discussed with investors. However, it has limitations as an analytical tool since it excludes some items affecting the most directly comparable GAAP measure. The document also provides forward-looking statements about SemGroup's prospects, financial performance, growth plans, and managing risks in a lower commodity price environment. It highlights SemGroup's strengths including stable cash flows from contracts and investment-grade counterparties.
Aon reported its second quarter 2016 results, with the following highlights:
- Organic revenue grew 3% in Risk Solutions and 1% in HR Solutions. Retail Brokerage delivered strong 4% organic revenue growth, with 6% growth internationally.
- Risk Solutions operating margin increased 70 basis points due to organic revenue growth, favorable foreign exchange, and investments in data/analytics. HR Solutions margin declined 40 basis points due to expenses for future growth and divestitures.
- Earnings per share improved 6%, reflecting operational improvements and capital management.
- Year-to-date free cash flow increased 51% to $660 million, driven by higher operating cash flow and lower capital expenditures.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
Voya Financial held an investor presentation on May 7, 2014 to discuss its first quarter 2014 results. The presentation highlighted that Voya achieved higher expected capital generation, repurchased $265 million in shares, and rebranded from ING U.S. to Voya Financial in April 2014. Voya's ongoing business adjusted operating return on equity remained steady at 10.3% for both the first quarter and trailing twelve months of 2014, consistent with its full year 2013 results and on track to meet its 2016 target. Retirement solutions continued its re-pricing strategy in tax-exempt markets and leveraged a rebuilt sales force.
1) Masonite reported strong growth in 1Q16 with net sales increasing 13% to $489.3 million and adjusted EBITDA growing 54% to $58.2 million.
2) All three of Masonite's reporting segments - North American Residential, Europe, and Architectural - experienced adjusted EBITDA growth in 1Q16 and double digit increases in net sales.
3) The improved results were driven by a stronger housing market in North America and solid execution across Masonite's business segments.
- MPG reported financial results for the second quarter of 2016 with net sales of $728 million, down from $800 million in the second quarter of 2015 due to macroeconomic headwinds including foreign currency exchange rates and lower metals prices. Adjusted EBITDA was $135 million.
- For the full year 2016, MPG expects net sales between $3.1-3.2 billion, down from previous guidance due to continued macroeconomic pressures. However, the company is on pace to achieve its goal of $1.8 billion in new business awards by the end of 2016 which will drive future growth.
- MPG continues to focus on growing its powertrain business and investing in new technologies to
Aviva reported strong financial results for the first half of 2017. Operating profit increased 11% to £1,465 million, reflecting positive performances across Aviva's businesses worldwide. As a result, Aviva increased its interim dividend per share by 13% to 8.4p. Aviva's geographic and product diversity have benefited results, with increased sales and operating profit growth in the UK, Europe and Aviva Investors. The company has grown its top and bottom lines in key UK business lines like general insurance, pensions, annuities and protection.
We help over 33 million customers around the world protect what's important to them through a wide range of insurance and savings products. We offer life, general, accident & health insurance, and asset management services to both individual and business customers. In 2016 we paid out £34.4 billion in benefits and claims to customers while growing our assets under management to £450 billion.
Aviva's results showed increased operating profit, capital, cash, and dividends compared to the previous year. The company's financial position has been transformed with a stronger balance sheet and excess capital, allowing it to plan additional capital returns to shareholders and debt reduction in 2017. Key metrics included a 12% rise in operating profit to £3,010 million, a 9% increase in the Solvency II capital ratio to 189%, and a 20% rise in cash remittances to £1,805 million. The company will continue focusing on growing its core businesses and operating profits.
6 things you probably don’t know about online insuranceAviva plc
Online insurance is becoming more popular, with one in five consumers handling both their finances and investments online, and one in three purchasing motor insurance online. Younger consumers between ages 24-34 prefer digital channels for their finances, while over 35% of those over 54 are also keen to go digital first. Digital customers are more likely to use comparison websites to get more options online.
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.
Road to reform: Driving out compensation cultureAviva plc
The document outlines Aviva's plan to reform compensation for whiplash claims in the UK. It summarizes that whiplash claims have increased significantly even as road accidents have decreased, driving up insurance premiums. Aviva proposes a three-point plan to address this: treating minor injuries with rehabilitation instead of cash awards, raising the threshold for lawyer involvement in claims, and banning referral fees. The plan is estimated to reduce unnecessary costs in motor insurance by £1.4 billion and lower premiums by £50.
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
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.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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 the above metrics other than balance sheet are on a continuing basis excl DL
1. Operating expenses excludes integration and restructuring costs and US Life
2. 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. The pro forma result includes the sale of the US business and an increase in the pension scheme risk allowance
2013 Interim Results summary
Cash flow
£573 million remittances received from continuing operating entities
(HY12: £441 million)
Operating capital generation (“OCG”) at £936 million (HY12: £906 million)
Interim dividend per share 5.6p
Profit
Operating profit at £1,008 million (HY12: £959 million)
Total earnings per share of 22.8p (HY12: loss 24.0p)
Expenses
Operating expenses 9% lower at £1,528 million1 (HY12: £1,675 million)
Restructuring costs of £164 million (HY12: £182 million)
Value of new business
Value of new business (“VNB”) up 17% to £401 million (HY12: £343 million)
Increase driven by improved result in UK Life, France, Turkey and Asia
Combined operating ratio
Combined operating ratio (“COR”) 96.2% (HY12: 95.5%), including £70 million for
Alberta floods
Balance sheet
IFRS net asset value of 281p (FY12: 278p)
MCEV net asset value of 441p (FY12: 422p)
Commercial mortgage provision increased by £300 million
Intercompany loan reduced by £700 million
Pro forma economic capital surplus2 £7.6 billion, 175% (FY12: £7.1 billion, 172%)
Sale of remaining shareholding in Delta Lloyd, and disposal of businesses in Russia,
Malaysia and Aseval completed
4
5. £1,008m
HY13
£959m
HY12
Operating profit
£573m
HY13
£441m
HY12
Remittances to Group
£936m
HY13
£906m
HY12
Operating capital generation
£1,528m
HY13
£1,675m
HY12
Operating expenses
3%
Cash flow
5 key metrics
30%
5%
9% £401m
HY13
£343m
HY12
Value of new business
17%
96.2%
HY13
95.5%
HY12
Combined operating ratio
0.7
ppt
All metrics above on a continuing operations excluding Delta Lloyd 5
6. 6
Focus areas
• Improve cash remittances
• Turnaround the performance of Italy, Spain, Ireland and Aviva Investors
• Complete the disposal of the US business
• Reduce intercompany loan
• Lower external leverage ratio
• Ensure £400 million expense savings flow through to the P&L
• Reduce restructuring costs in 2014
7. • HY13 operating expenses 9% lower at £1,528m
(HY12: £1,675m)
• Impact of inflation to be absorbed
• £400m will go to the P&L in 2014
• Further efficiencies to be reallocated to initiatives
such as automation and digital
• Reducing restructuring costs for 2014 are
a priority
£m
Total 2011 operating cost base excluding
restructuring costs
4,224
Delta Lloyd (362)
US (313)
Other disposals and FX (183)
2011 like for like operating cost base 3,366
Cost savings target (400)
Targeted 2014 operating cost base* 2,966
Derivation of operating expense target
* Number will be adjusted for any subsequent disposals not already announced
Expense reduction target on track
7
Restructuring costs £m
2010 2011 2012 HY13
216 261 461 164
8. Sustainable and progressive cash flow underpinned by
a diversified insurance and asset management group with a robust balance sheet
Recap: Investment Thesis – “Cash flow plus growth”
1. Three core business lines with scale – Life, General
Insurance and Aviva Investors
2. Progressive cash flow focus
3. Significant diversification benefits
4. Robust balance sheet with lower leverage
5. Financial simplicity
Cash flow
1. Drive cash flow growth in our established markets
2. Opportunities in selected growth markets in Europe
and Asia
3. Expense and significant efficiency opportunities
4. Upside from execution on turnaround businesses
5. Valuation upside from gradual UK & European
recovery
Growth
Cash
flow
IFRS
Op
Profit Expenses VNB COR
Group
UK&I Life -
UK&I General
Insurance
-
France
Canada -
Aviva Investors - -
Italy
Spain -
Poland
Turkey
Asia
Key
Critical Significant Important
8
9. Investment thesis – geography
76%
9%
15%
Operating profit
HY13
• Diverse portfolio of cash generators, growth
businesses and turnaround operations
• Growth businesses currently contribute 21% of VNB
“Cash flow plus growth”
Cash generator
Turnaround
Growth
74%
21%
5%
Value of new business
HY13
9
10. Cash generators:
UK, Canada and France
• Number 2 in GI market
• Strong broker network
• Leader in predictive analytics
• Improve expense ratios
• Established relationship with AFER
• Stable cash flow generator
• Improve expense ratios
UK
• Market leader in the UK
• Recognised brand, good customer service
• Strength in annuities
• Experts in risk
• Improve remittances
• Improve expense ratios
• Better manage backbook
• Invest in digital
• Grow use of predictive analytics
Canada
France
Operating Profit Cash
HY12 HY13 HY12 HY13
UK Life 469 438 150 300
UK GI 227 239 115 -
Canada 174 147 - 63
France 193 222 52 103
Key metrics
10
11. Turnaround businesses:
Italy, Spain, Ireland, Aviva Investors
Operating profit Cash
HY12 HY13 HY12 HY13
Italy 79 82 - -
Spain 94 85 42 17
Ireland 12 23 - -
Key metrics
11
• Launched new unit-linked and protection products
• Outstanding arbitration with merged bank
• Expense reductions
• Credit exposure significantly reduced and capital position
has strengthened
• Shifting product mix away from guarantees
• Exiting small Italian partnerships
• Expense reductions
• Appointment of new CEO, Alison Burns and John Quinlan
• Pricing improvements in Life and GI businesses
• Alignment with UK business
• Expense reductions
• Appointment of new CEO, Euan Munro
• Increase focus on investment classes where we have
competitive advantage
• Expense reductions
Italy
Spain
Ireland
Aviva Investors
12. Growth markets – future cash generators:
Poland, Turkey, SE Asia, China
• Strengthened management team
• Top 3 insurer
• Strengthened distribution and
bancassurance network
• Unhelpful potential pension reforms on closed book
• Increased focus on protection and GI
Poland
• Number 2 life & pensions insurer
• Strong life insurance distribution partner in
Sabanci Group
• Attractive demographics and pension reforms
Turkey
• Top 5 life insurer in Singapore
• Look to grow Indonesia and Vietnam
SE Asia
• Established presence in 12 provinces
• Focus on second tier cities
• Focus on VNB
• Emphasis on Protection
China
VNB
HY12 HY13
Poland 18 21
Turkey 13 20
Asia* 29 41
Key metric
12* Pro forma VNB excluding Malaysia and Sri Lanka
13. A consistent framework across the Group for all our stakeholders
Investment
Thesis
“Cash flow
plus growth”
Customer
thesis
Distribution
thesis
People
thesis
13
Strategic framework
• Predictive analytics
• Automated processes
• Digital / Direct
Strategic priorities
15. 15
Operating profit improvement
IFRS Operating profit reconciliation
Operating profit HY12 959
Operating expense savings 147
2012 UK Life non-recurring items (74)
Other (24)
Operating profit HY13 1,008
Operating profit
£ million HY12 HY13 Change
Life 897 910 1%
General Insurance & Health 462 428 (7)%
Fund Management 18 42 133%
Other operations (87) (49) 44%
Life, GI, fund management & other
operations
1,290 1,331 3%
Corporate costs (64) (72) (13)%
Group debt & other interest costs (267) (251) 6%
Operating profit (continuing basis) 959 1,008 5%
Restructuring costs (182) (164) 10%
Operating profit after restructuring
costs (continuing basis excluding DL)
777 844 9%
US and Delta Lloyd as an associate 232 123 (47)%
Operating profit after restructuring
costs
1,009 967 (4)%
Restructuring costs HY12 HY13
Transformation 112 120
Solvency II 70 44
Total 182 164
16. 16
£438m
£469m*
£300m
£150m
£296m
£346m
Dividend increased through
a combination of:
• Higher annuity pricing
• Withdrawing from
uneconomic products
and channels
• Cost reductions
• Underlying operating profit up due to a
combination of pricing improvements and
expense reductions
• Enhanced annuities account for 26% of the
individual annuity funds
• Shift in product mix to higher value
risk business
• Pensions and savings business focussed on
managing for value
£395m*
* HY12 profit boosted by £74 million non-recurring items
UK Life
HY13HY12 HY13HY12
HY13HY12
Operating profit
Remittances to group
Operating expensesValue of new business
£ million HY12 HY13
Pensions 37 30 (19)%
Protection 36 36 -
Annuities 98 138 41%
Other 11 7 (36)%
Total 182 211 16%
17. 17
Commercial mortgages
Actions taken Details on the provision
Commercial mortgage segmentationTotal UK Annuity portfolio
• Provision relates primarily to pre 2009 loans
• Revised management structure
• LTV on new business is c. 50%
Total
annuity
commercial
mortgage
portfolio
£12.2bn
Medium Risk
£1.3bn
NHS backed
healthcare & PFI £4.1bn
Low Risk
£4.0bn
Higher risk
£2.8bn
Commercial
Mortgage
provision
£1.5bn
Commercial
Mortgage
provision
£1.2bn
HY13FY121
50%
80%
110%
140%
90%120%150%
Loan service cover
Loantovalue
Bubble size = size of portfolio
1.5x 1.2x 0.9x
1 Includes £200m implicit margin
18. £360m
£378m
Combined operating ratio
HY12 HY13
Personal Motor 96% 96%
Home 95% 90%
Commercial Motor 101% 113%
Commercial Property 103% 86%
Total 97% 96%
• Underwriting result £57m higher than prior
year due to reduced expenses and benign
weather
• LTIR of £163m is £45m lower mostly as a
result of the internal loan reorganisation
• Actions being taken on commercial motor
• Prioritising rates over volume on private motor
UK GI
£207m
£193m
Dividend to be paid in 2H13
following legal entity
restructure
£239m
£227m
Operating profit
£m HY12 HY13
Underwriting result 19 76
Investment income 208 163
Total 227 239
18
Operating profit
OCG
Operating expenses
HY13HY12 HY13HY12
HY13HY12
19. 19
£222m
£193m
Operating profitValue of new business
£m HY12 HY13
Protection 20 30 50%
Unit linked savings 14 32 129%
Other savings 28 24 (14)%
Total 62 86 39%
£103m
Remittances to group
£216m£213m
Operating expenses
France
• Improved business mix with unit-linked
sales up 99% and protection up 35% driving
higher VNB
• More work required on operating expenses
• Stable back book of business generating
predictable returns
HY13HY12 HY13HY12
HY13HY12
£52m
92.4%
COR
HY13HY12
96.0%
20. 20
£196m£199m
£63m
Dividend received in 1H13
following a change in
remittance policy to
introduce an interim
dividend. Further dividends
expected in 2H13
• Impact of floods in Alberta £32m net
of retention
• Aviva Re has additional exposure from Alberta
of £38m
• Excluding floods COR would be 90%
• Group net losses from Toronto flood in July
are expected to be around £50m
• Ontario motor reform progressing as expected
Combined operating ratio
HY12 HY13
Personal Motor 85% 87%
Home 93% 95%
Commercial Motor 91% 95%
Commercial Property 100% 111%
Other commercial 92% 84%
Total 90% 92%
Canada
£147m
£174m
Operating profit
Remittances to group
Operating expenses
HY13HY12 HY13HY12
HY13HY12
22. 22
Value of new business
HY13 VNB
Economic effect
Volume
Mix / pricing
HY12 VNB
Mix and pricing
• Re-pricing annuity book in UK Life
• Increased proportion of protection business in France
Volume
• Active withdrawal from certain product lines, including
large BPAs
• Lower volumes of guaranteed products in
European markets
Economic effects
• Impact of lower yield curves in France and Italy
• Second half growth to moderate due to
tougher comparator1.Turkey includes Other Europe of £1 million (HY12: £2 million)
2.Disposals include Malaysia and Sri Lanka
HY12 HY13
UK & Ireland 176 20% 212
France 62 39% 86
Poland 18 17% 21
Turkey1 15 40% 21
Asia 29 41% 41
Italy 14 57% 6
Spain 21 38% 13
Ongoing VNB 335 19% 400
Disposals2 8 - 1
Total VNB 343 17% 401
New business
margin (%APE)
23.7% 5.7ppt 29.4%
23. 23
Expense analysis
50
18
18
23
3
9 3 4
25
HY12 UK Life UKGI Ireland France Rest of
Europe
Asia Canada Aviva
Investors
Other Group
activities
HY13
£147 million cost savings achieved
£1,528m
£1,675m
9%
reduction
24. Net asset value per share IFRS MCEV
Opening NAV per share at 31 December 2012 278p 422p
Operating profit 26p 27p
Dividends (9)p (9)p
Investment variances 3p 9p
Commercial mortgages (8)p (2)p
Pension fund (8)p (8)p
Integration and restructuring costs, goodwill impairment,
other
(6)p (5)p
Foreign exchange 5p 7p
Closing NAV per share at 30 June 2013 281p 441p
Net asset value
24Movements shown net of tax and non controlling interests
25. Intercompany loan
0.3
0.4
Opening
balance
Cash
repayment
Non cash
reduction
Current
balance
£5.8bn
£5.1bn
There are further opportunities to reduce the intercompany loan through non-cash methods
Actions taken to reduce balance to £5.1bn
Aviva Insurance
Limited
Recap: origination of the loan
Holding company
Investment in subsidiaries
UK GI
Receivable from Hold Co
Aviva Group
Holdings
Investment in
subsidiaries
Loan from UKGI:
£5.8bn
Aviva Insurance
Limited
Loan to Hold Co:
£5.8bn
25
26. 26
HY13
£ million
Free surplus
emergence
New
business
strain
Experience/
management
actions
Operating
capital
generated
Remittances
to date
UK & Ireland Life 205 17 41 263 300
France1
176 (74) 57 159 103
Poland 75 (14) 1 62 83
Italy 57 (27) 15 45 -
Spain 47 (19) - 28 17
Asia 46 (35) 63 74 -
Other 14 (12) 1 3 6
Total Life 620 (164) 178 634 509
UK & Ireland GI 219 -
Canada 108 63
Other (28) -
Total General insurance and health 299 63
Fund management 24 1
Non insurance and other operations (21) -
Group 936 573
Post tax profit (net of MI) 2
853
Operating capital generation
1. France remittance of £103 million includes both Life and GI
2. Group Operating profit before Corporate and Debt Costs net of tax and minority interest
27. 27
Sustainable capital generation
Example capital generation £bn
Back book capital generation 1.1
New business strain (0.3)
Surplus generation from future new business 0.2
GI and fund management capital generation 0.7
Management actions and other 0.1
Baseline operating capital generation 1.8
Back book capital generation £bn
Year 1 1.2
Year 2 1.1
Year 3 1.1
Year 4 1.1
Year 5 1.1
Year 6 1.1
Year 7 1.0
Year 8 1.0
Year 9 1.0
Year 10 0.9
31. Half year 2013: KPIs
HY12 HY13 Variance
Cash flow (remittances to Group) £441m £573m 30%
Operating capital generation £906m £936m 3%
Operating expenses1
£1,675m £1,528m (9)%
Value of new business £343m £401m 17%
Combined operating ratio 95.5% 96.2% 0.7ppt
Operating profit £959m £1,008m 5%
Restructuring costs £182m £164m (10)%
Operating profit per share 22.6p 20.3p (10)%
Profit after tax £(624)m £776m -
Earnings per share (basic) (24.0)p 22.8p -
Dividend per share 10.0p 5.6p (44)%
FY12 HY13 Variance
Return on equity 11.2% 17.0% 5.8ppt
Pro forma economic capital surplus2 £7.1bn £7.6bn 7%
Pro forma IGD £3.9bn £3.7bn (5)%
IFRS net asset value 278p 281p 1%
IFRS Tangible NAV 199p 210p 6%
MCEV NAV 422p 441p 5%
Intercompany loan balance £5.8bn £5.1bn (12)%
External leverage ratio 50% 50% -
1. Operating expenses excludes integration and restructuring costs and US Life
2. 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. The pro forma result includes the sale of the US business and an increase in the pension scheme risk allowance 31
32. 32
* 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.
1 The pro forma result includes the sale of the US business and an increase in the pension scheme risk allowance
Economic Capital*
£bn
Pro
forma
2012
Market
movements
and other Dividend
Pro
forma
HY13¹
Available capital 17.0 1.1 (0.3) 17.8
Required capital (9.9) (0.3) - (10.2)
Total 7.1 0.8 (0.3) 7.6
£7.1bn1
Pro forma
2012
£17.8bn1
Available
£10.2bn1
Required
Economic capital surplus* Key economic capital* movements in 2013
172%
FY 20121
HY20131
Economic capital surplus 172% 175%
Interest rates + 100bps 174% 177%
Credit Spreads +100bps 162% 163%
Interest rates - 50bps 169% 170%
Equity - 20% 167% 167%
Property - 20% 166% 169%
Credit spreads -100bps 184% 187%
Sensitivities
Economic capital surplus
147%
£5.3bn
2012
175%
Pro forma
HY13
£7.6bn1
33. Group Life profit driver analysis
33
New business income
445 387 (13)%
Underwriting margin
316 293 (7)%
Pre-tax
operating profit
897 910 1%
Investment return
960 981 2%
Income
1,721 1,661 (3)%
IFRS Profit Driver
HY12 HY13 Variance
Key:
DAC/AVIF
amortisation and other
81 56 (31)%
Expenses and
commissions
(904) (808) (11)%
Acquisition expenses
and commissions
(449) (369) (18)%
Admin expenses and
renewal commissions
(455) (439) (4)%
34. Group Life profit driver analysis
34
Unit linked margin
443 447 1%
Participating business
262 290 11%
Spread margin
102 100 (2)%
Expected return on
shareholder assets
153 144 (6)%
Investment return
960 981 2%
AMC
(bps)
110 104 (6)
Average
reserves
(£bn)
80.7 85.6 6%
Bonus
(bps)
51 58 7
Average
reserves
(£bn)
102.5 100.7 (2)%
Spread
(bps)
46 43 (3)
Average
reserves
(£bn)
44.4 46.7 5%
IFRS Profit Driver
HY12 HY13 Variance
Key:
35. 35
Impact of changes in accounting policies/standards on
condensed consolidated income statement
6 months 2012 Full year 2012
As
reported
£m
Less
discontinued
operations
£m
Effect of
change in
policy
(IFRS 10)
£m
Effect of
change in
policy
(IAS 19)
£m
Restated
continuing
operations
£m
As
reported
continuing
operations
£m
Effect of
change in
policy
(IFRS 10)
£m
Effect of
change in
policy
(IAS 19)
£m
Restated
continuing
operations
£m
Total income 21,863 (2,990) (6) 41 18,908 43,095 (28) 85 43,152
Effect of change in policy analysed as:
Net investment income 8,687 (1,093) (9) 41 7,626 21,106 (50) 85 21,141
Share of loss after tax of joint ventures and associates (76) — 3 — (73) (277) 22 — (255)
Total expenses (22,319) 3,681 6 33 (18,599) (42,849) 28 65 (42,756)
Effect of change in policy analysed as:
Fee and commission expense (2,389) 130 — — (2,259) (4,472) 9 — (4,463)
Other expenses (2,394) 1,095 10 — (1,289) (2,845) 2 — (2,843)
Finance costs (360) 10 (4) 33 (321) (735) 17 65 (653)
(Loss)/profit before tax (456) 691 — 74 309 246 — 150 396
Tax attributable to shareholders’ profit (204) 36 — (17) (185) (227) — (34) (261)
(Loss)/profit after tax (681) 727 — 57 103 (202) — 116 (86)
Loss after tax from discontinued operations — (727) — — (727) (2,848) — — (2,848)
Loss for the period (681) — — 57 (624) (3,050) — 116 (2,934)
Loss for the period attributable to:
Equity shareholders of Aviva plc (745) — — 57 (688) (3,218) — 116 (3,102)
Non-controlling interests 64 — — — 64 168 — — 168
Earnings per share
Basic earnings per share (26.0p) — — 2.0p (24.0p) (113.1p) — 4.0p (109.1p)
Diluted earnings per share (26.0p) — — 2.0p (24.0p) (113.1p) — 4.0p (109.1p)