LONDON--(Marketwired - Aug 8, 2013) - Aviva PLC (
Start part 1 of 5
News Release
Aviva plc
Aviva plc Interim Results Statement
6 months 30 June 2013
8 August 2013
Aviva plc
Interim Results Announcement 2013
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 GBP776 million, in contrast to
the GBP624 million loss last year. Cash flows to the Group have
increased by 30% to GBP573 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."
Cash flow - Cash remittances to Group up 30% at GBP573 million(1)
(HY12: GBP441 million)
- Operating capital generation GBP936 million(1)
(HY12: GBP906 million)
- The interim dividend is 5.6 pence per share (HY12: 10.0
pence per share), consistent with guidance given at the
full year 2012
Profit - Operating profit 5% higher at GBP1,008 million(1)
(HY12: GBP959 million)
- IFRS profit after tax of GBP776 million
(HY12: loss after tax of GBP624 million)
Expenses - Operating expenses 9% lower at GBP1,528 million(2)
(HY12: GBP1,675 million)
- Restructuring costs 10% lower at GBP164 million(1)
(HY12: GBP182 million)
Value of new - Value of new business up 17% to GBP401 million
(HY12: GBP343 business million)
- Increase driven by UK Life, France, Poland, Turkey and
Asia
Combined - Combined operating ratio 96.2% (HY12: 95.5%)
operating
ratio
Balance - Intercompany loan reduced by GBP700 million to GBP5.1
sheet billion
- IFRS net asset value per share 281p (FY12: 278p)
- MCEV net asset value per share 441p (FY12: 422p)
- Pro forma(3) economic capital surplus(4) within our
target range at GBP7.6 billion, 175%
(FY12: GBP7.1 billion, 172%)
- Sale of remaining shareholding in Delta Lloyd, disposal
of businesses in Russia and Malaysia, and transfer of
Aseval completed
(1) On a continuing basis, excluding US Life and Delta Lloyd.
(2) Operating expenses excludes integration and restructuring costs, US
Life and Delta Lloyd.
(3) The pro forma economic capital surplus at HY13 includes the impact
of the US Life transaction and an increase in pension scheme risk
allowance from five to ten years of stressed contributions (FY12:
includes the benefit of completing the US Life, Aseval, Delta Lloyd
and Malaysia transactions).
(4) The economic capital surplus represents an estimated position. The
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.
Key financial metrics
Cash
Operating capital
Cash remitted to Group generation
Continuing 6 6 6
operations, months months months Restated1
excluding Delta 2013 2012 Sterling% 2013 6 months Sterling%
Lloyd GBPm GBPm change GBPm GBPm change
United Kingdom &
Ireland life 300 150 100% 261 370 (29)%
United Kingdom &
Ireland general
insurance & health - 115 - 216 198 9%
Europe 209 160 31% 321 271 18%
Canada 63 - - 108 114 (5)%
Asia and Other 1 16 (94)% 30 (47) 164%
Total 573 441 30% 936 906 3%
Operating profit before tax: IFRS basis
Restated1
6 months 6 months
Continuing operations, excluding 2013 2012 Sterling%
Delta Lloyd GBPm GBPm change
Life business 910 897 1%
General insurance and health 428 462 (7)%
Fund management 42 18 133%
Other* (372) (418) 11%
Total 1,008 959 5%
* Includes other operations, Corporate Centre costs and Group debt and
other interest costs.
Expenses
6 months 6 months
2013 2012 Sterling%
Continuing operations GBPm GBPm change
Operating expenses 1,528 1,675 (9)%
Integration and restructuring 164 182 (10)%
costs
Expense base 1,692 1,857 (9)%
Value of new business
6 months 6 months
2013 2012 Sterling%
Continuing operations GBPm GBPm change
United Kingdom 211 182 16%
Ireland 1 (6) 117%
France 86 62 39%
Poland 21 18 17%
Italy 6 14 (57)%
Spain 13 21 (38)%
Turkey & Other Europe 21 15 40%
Asia - excluding Malaysia and Sri Lanka 41 29 41%
Value of new business - pro forma basis 400 335 19%
Effect of disposals (Malaysia and Sri
Lanka) 1 8
Value of new business 401 343 17%
General insurance combined operating ratio
6 months 6 months
Continuing operations 2013 2012 Change
United Kingdom & Ireland 96.9% 98.0% (1.1)pp
Europe 97.0% 97.9% (0.9)pp
Canada 92.4% 89.8% 2.6pp
General insurance combined operating
ratio 96.2% 95.5% 0.7pp
IFRS Profit after tax
Restated1
6 months 6 months
2013 2012 Sterling%
GBPm GBPm change
IFRS profit/(loss) after tax 776 (624) n/a
Interim dividend
6 months 6 months
2013 2012
Interim dividend per share 5.6p 10.0p
Capital position
Pro Pro
forma3 forma3
30 June 31 December 30 June 31 December
2013 2012 2013 2012
GBPbn GBPbn GBPbn GBPbn
Estimated economic
capital surplus2 7.6 7.1 7.1 5.3
Estimated IGD solvency
surplus 3.7 3.9 4.2 3.8
IFRS net asset value per
share 281p 278p
MCEV4 net asset value per
share 441p 422p
1 The Group adopted the amendments to IAS19 and IFRS10 during the
period and the requirements of the revised standards have been
applied retrospectively.
2 The economic capital surplus represents an estimated position. The
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.
3 The pro forma economic capital and IGD surpluses at HY13 include the
impact of the US Life transaction and, for economic capital only, an
increase in pension scheme risk allowance from five to ten years of
stressed contributions (pro forma FY12: includes the benefit of
completing the US Life, Aseval, Delta Lloyd and Malaysia transactions
and, for economic capital only, an increase in pension scheme risk
allowance from five to ten years of stressed contributions).
4 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 at their expected
fair value, as represented by expected sale proceeds, less cost to
sell.
Group Chief Financial Officer's Report
Overview Progress in the first six months of 2013 has been
satisfactory. There have been some areas of solid
performance and several areas of underperformance which
are being addressed.
Since becoming Group Chief Executive Officer at the
start of the year I have had the opportunity to visit
most of our businesses and to speak to many of our
people and our customers. We have leading positions in
several countries; customer service is strong and our
expertise in underwriting, data and predictive
analytics are core differentiating skills. It is
essential that these skills are shared and developed
across the Group for the benefit of all of our
stakeholders.
In March I set out our investment thesis of "cash flow
plus growth'' and this is starting to transform the way
we do business. We are focusing on five key metrics:
cash flow, IFRS operating profit, value of new
business, operating expenses and combined operating
ratio. In the first half of the year the trends have
been satisfactory across these metrics and are broadly
consistent with the improvements in the first quarter.
Solid progress has been made in reducing the size of
the internal loan by GBP700 million (of which GBP300
million is in cash) ahead of our commitment to reduce
it by GBP600 million over three years. In addition we
have increased our provision for default on the
commercial mortgage portfolio by GBP300 million to
GBP1.5 billion.
Cash flow We are managing our businesses in established markets
to maximise cash flows to the Group. Cash flows are
dividends paid by our business units to Group. In the
first half of 2013, GBP573 million of cash was remitted
- Cash to Group (HY12: GBP441 million).
remitted
to Group of Operating capital generation (OCG) was GBP936 million1
GBP573 million (HY12: GBP906 million) with improvements in life new
business strain, fund management and central costs,
- OCG stable offset by fewer one-off positive variances in life and
at the impact of floods on our general insurance business
GBP0.9 billion in Canada. Our priority is to improve the remittance
ratios from OCG to dividends, which in previous years
- Interim have been significantly lower than our peers.
dividend 5.6
pence per share In line with our guidance at the full year results in
March 2013, the interim dividend is 5.6 pence per
share, consistent with the percentage reduction in the
2012 final dividend. We also announced at the full year
results that we would eliminate the scrip to stop
further shareholder dilution and improve earnings per
share growth.
IFRS operating In the first six months IFRS operating profit was
profit GBP1,008 million1 (HY12: GBP959 million). IFRS
operating profit levels were 5% higher primarily due to
lower expenses. The diversified nature of our business
ensured that our profits were resilient despite the
- Operating economic backdrop and the low interest rate
profit: environment.
GBP1,008
million
While operating profit is satisfactory at a Group
level, it is far from satisfactory in several of our
businesses. In Spain and Italy, although underlying
profits have increased, there is considerable scope to
improve performance. In Ireland and Aviva Investors it
is essential that we see a significant improvement in
operating performance over time. Although some progress
has been made reshaping these turnaround businesses and
cutting expenses, there is some way to go before
product mix and efficiency levels are adequate. We have
recently appointed new leaders in Aviva Investors and
Ireland which will help the pace of transformation.
Expenses We have made adequate progress reducing our operating
expenses, which are 9% lower at GBP1,528 million1
(HY12: GBP1,675 million).
- Operating There is potential for additional cost savings within
expenses 9% the Group which are likely to be allocated towards
lower at strategic initiatives including digital and automation,
GBP1,528 to improve the efficiency of our business going
million forward.
-Restructuring Restructuring cost reductions are in addition to the
costs of GBP164 GBP400 million expense savings target. In the first
million (HY12: half of 2013, restructuring costs were 10% lower at
GBP182 million) GBP164 million (HY12: GBP182 million). Although
restructuring costs in 2013 will still be significant,
I expect them to be lower than the 2012 level of GBP461
million1, with material reductions in 2014.
1 On a continuing basis, excluding US Life and Delta Lloyd.
Value of We determine growth not by the top line - we already have
new scale in many markets - but by the value
business of new business (VNB), which is the source of future cash
flow. VNB increased 17% to GBP401 million (HY12: GBP343
million) driven by improved profitability and product mix in
UK Life and France, which increased by 16% and 39%
respectively. In
- VNB the growth markets of Poland, Turkey and Asia (excluding
up 17% Malaysia and Sri Lanka) VNB improved by 17%, 54% and 41%
to respectively. We expect the overall growth rate in VNB to
GBP401 moderate during the second half of 2013.
million
Combined In general insurance, the combined operating ratio (COR) in
operating the first half was satisfactory at 96.2% (HY12: 95.5%). The
ratio general insurance performance includes an impact of GBP70
million as a result of the floods in Alberta, Canada, offset
by better than expected weather in the UK. In the UK and
Canada, our major general insurance businesses, the combined
operating ratios were 96.3% and 92.4% respectively (HY12:
- COR at 97.2% and 89.8%).
96.2%
We continue to invest in predictive analytics across our
personal and commercial lines of business. Our strong
personal lines results, particularly in Canada, demonstrate
the benefits of the development of centres of excellence in
Predictive this area. We are focussed on improving our performance
analytics across the Group by exporting this capability throughout the
key focus business.
A key strength of Aviva is our diversification across
geography and lines of business. By way of example, in the
UK we are starting to experience rate hardening across our
commercial lines business at a time of softening rates
across personal lines. In Canada, we expect hardening rates
in property and softening of rates in motor.
Geographic I see Aviva as a portfolio of businesses grouped into three
strategy areas: cash flow generators, future cash flow generators and
turnaround businesses. Within each of these groups there are
areas of underperformance which are being addressed.
Our cash flow generators are UK, France and Canada and our
objective in these markets is to improve cash flow and
profitability.
The turnaround businesses are Italy, Spain, Ireland and
Aviva Investors. In Spain and Italy we are focused on
managing their back books to release free capital and
improve cash remittances to group. Aviva Investors has
underperformed from a shareholder perspective and we expect
it to play a more prominent role in the group going forward.
We have recently appointed Euan Munro who will play a
pivotal role helping Aviva Investors, a core part of the
Group, improve its profitability and contribution to Aviva.
Future cash generators are Poland, Turkey, South East Asia
and China. These are attractive markets which offer growth
potential. In Poland, we are the second largest life and
pensions provider. Turkey has demographic and economic
characteristics similar to high growth Asian markets and is
a key focus for VNB growth. In Asia we are making progress
with a more focused approach, concentrating on China and
South East Asia.
People In the first half of 2013 I have strengthened the management
team. This is essential to the transformation of Aviva. New
people have been brought in, and others have been promoted
from within the business. Khor Hock Seng, David McMillan,
Jason Windsor, Nick Amin, Christine Deputy and Euan Munro
have been recruited, promoted or added to the Group
Executive Committee. We have also made key senior
appointments in Ireland, Poland and Investor Relations.
In my first six months I have been struck by the
professionalism and dedication of Aviva's people. Their
focus, commitment and hard work are driving Aviva's
transformation.
Outlook In summary, our performance over the first half of the year
has been satisfactory. There are a number of areas that must
be addressed, in particular leverage, expenses, and
underperformance in some of our markets. These issues are
largely within our gift to resolve. Completion of the sale
of the US business is important to the Group and we confirm
our previous guidance that we expect it to complete by the
end of the year.
As a business it is important that we deliver for investors
what we set out to do. There remains considerable value to
unlock in Aviva.
Mark Wilson,
Group Chief Executive Officer
Group Chief Financial Officer's Report
Overview Results in the six months to 30 June 2013 have been
satisfactory, with operating profit from continuing
operations 5% higher, driven primarily by expense
reductions.
We continue to focus on improving the capital efficiency of
our business through lower new business strain, more
efficient back-book cash generation and improved
remittances. Operating capital generation for the period
was GBP936 million (HY12: GBP906 million), and remittances
of GBP573 million were received in this half of the year
(HY12: GBP441 million). The bulk of our capital generation
comes from our large back-book of life insurance business
already written. On average c.GBP1.1 billion of free
surplus from our existing customers will be released over
each of the next five years as this book runs off, in
addition to contributions from general insurance and asset
management, plus management actions including cost saves.
This creates a stable and sustainable outlook for our
capital generation.
In the period, we have taken further steps to strengthen
our balance sheet and improve the predictability of future
cash flows. We have reduced our internal leverage by GBP700
million through a combination of GBP300 million cash
repayment and GBP400 million non-cash methods. Our
pro forma IGD surplus and pro forma economic capital ratios
are GBP3.7 billion and 175% respectively, the latter at the
top-end of our 160-175% target range. We have increased the
credit default provision in our UK commercial mortgage
portfolio by GBP300 million, so this now stands at GBP1.5
billion.
Business In UK life, operating profit of GBP438 million was GBP31
Unit million lower than the prior year period. Expense
Performance reductions of GBP50 million were more than offset by thenon-
repeat of a GBP74 million provision release in HY12.
Value of new business was 16% higher year-on-year, mostly
driven by re-pricing our annuities book. This, along with a
greater focus on risk products, resulted in new business
margin improving significantly to 34% of annual premium
equivalent (HY12: 25%).
Overall, performance in UK GI was solid, with operating
profit of GBP239 million, up 5%, despite a GBP45 million
reduction in investment return following the intercompany
loan reorganisation. The COR of 96.3% (HY12: 97.2%)
benefitted from disciplined underwriting and relatively
benign weather.
In Canada, the COR of 92.4% (HY12: 89.8%) was impacted by
the Alberta floods and operating profit reduced to GBP147
million as a result (HY12: GBP174 million). Canada's strong
underwriting ability was demonstrated even in a period of
unusually large losses. France had a 15% improvement in
operating profit, mostly as a result of a shift to higher
margin protection products in life. France is a stable cash
generator, with a GBP103 million remittance to group in the
first half of 2013.
Our growth markets had strong VNB progression over the
period, with Turkey and Asia (excluding Malaysia and Sri
Lanka) up 54% and 41% respectively, and more modest growth
of 17% in Poland. The higher VNB across these markets was
mainly a result of increased sales of higher margin
protection products.
Capital and Our capital ratios have remained broadly constant over the
liquidity six months to 30 June 2013, largely due to the actions
taken in 2012 to de-risk the balance sheet along with
fairly benign market conditions. Our pro forma economic
capital surplus was GBP7.6 billion at HY13 (FY12: GBP7.1
billion), representing a capital adequacy ratio of 175% and
our pro forma regulatory surplus (IGD) was GBP3.7 billion
(FY12: GBP3.9 billion). At present, a 50bps downward shift
in the yield curve would reduce our economic capital
surplus ratio to 170%, still within our targeted range of
160%-175%. We would remain within our targeted capital
range should a 20% fall in equity markets or a 100bps
widening of credit spreads occur.
We have recently been included on the list of nine Global
Systemically Important Insurers and will work closely with
the regulators to understand the implications of this. This
will not have any immediate implications on the level of
capital we will be required to hold. The Solvency II
capital framework continues to evolve and we participate
actively in these discussions.
Group centre liquidity currently stands at GBP1.1 billion.
Disposal proceeds along with cash remittances from business
units were received during the first half of the year. From
this, GBP300 million of internal loan repayment was made
along with the 2012 final dividend.
Intercompany Following the restructure of Aviva Insurance Limited (AIL)
loan announced earlier in the year, a GBP5.8 billion formal
loan was established between AIL and Aviva Group Holdings
(AGH), the parent company of many of our international
subsidiaries. Since then, we have repaid GBP300 million of
the internal loan in cash. Following the removal of AIL's
guarantee of the Group's commercial paper and consequent
increase in economic capital in AIL, a further GBP400
million of the loan was retired, bringing the balance down
to GBP5.1 billion.
As previously announced, we intend to reduce the internal
loan by a further GBP300 million of cash by the end of
2015. We plan on taking additional steps to reduce the
loan balance by non-cash methods.
External External leverage remains broadly unchanged over the six
leverage months of 2013, with a debt to tangible equity ratio of
50% (FY12: 50%). In July 2013, we raised EUR650 million of
hybrid debt ahead of the GBP0.8 billion of debt up for
call in the next eight months. We remain focused on
reducing our external leverage ratio to below 40% in the
medium term. We anticipate using some of the proceeds from
the US life disposal towards reducing our external
leverage.
Asset Aviva has a large balance sheet with exposure to
portfolio approximately GBP265 billion of financial investments and
loans. Most of these assets are held on behalf of
policyholders, with no risk of investment loss to
shareholders, or in participating funds where most of any
potential loss is borne by policyholders. Of the c.GBP87
billion financial assets to which shareholders are
directly exposed, the vast majority is in fixed interest
bonds and loans.
De-risking of our asset portfolio has continued over the
six months, albeit at a more moderate pace. We have made
gross disposals of GBP1 billion1 of Italian sovereign
bonds, offset by market movements including FX and
disposed of GBP35 million of Co-Operative Bank bonds prior
to the announced bail-in.
In the UK, the asset portfolio backing the UK annuity
business includes GBP14.4 billion of corporate debt
securities and GBP12.2 billion of commercial mortgages.
Excluding GBP4.1 billion of healthcare and Private Finance
Initiative (PFI) mortgages, which have lower risk
characteristics, there exists GBP8.1 billion of commercial
mortgages to which shareholders are exposed. During the
first half of the year, impairments on the mortgage
portfolio increased above our long term trend and we
subsequently carried out an extensive review of the
portfolio. Consequently, we have increased the
direct provisions against default in the mortgage
portfolio by GBP300 million. The allowance in the
liability valuation for mortgages is now GBP1.5 billion.
Net Asset IFRS operating profits of 26p per share over the first six
Value months more than covered the payment of the 2012 final
dividend of 9p per share. This was also partly offset by
the adverse movement of the pension scheme of 8p, which
was mainly as a result of an increase in CPI, and the
additional commercial mortgage provision which reduced our
book value per share by 8p.
Net asset value 2
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 (6)p (5)p
impairment and other items
Foreign exchange 5p 7p
Closing NAV per share at 30 June 2013 281p 441p
Pat Regan
Group Chief Financial Officer
1 Gross of non-controlling interests, purchases and redemptions.
2 Net of tax and non-controlling interests.
Notes to editors
All comparators are for 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 2013, 30 June 2012 and 31 December 2012
respectively. The average rates employed in this announcement are 1
euro = GBP0.85 (6 months to 30 June 2012: 1 euro = GBP0.82, 12 months
to 31 December 2012: 1 euro = GBP0.81) and US$1 = GBP0.65 (6 months to
30 June 2012: 1 US$ = GBP0.63, 12 months to 31 December 2012: 1 US$ =
GBP0.63).
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 local 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", "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 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 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 25 March 2013. 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 Nigel Prideaux Real time media conference
+44 (0)20 7662 8115 +44 (0)20 7662 0215 call 07:15 hrs BST
David Elliot Andrew Reid Analyst presentation
+44 (0)20 7662 8048 +44 (0)20 7662 3131 08:15 hrs BST
Sarah Swailes Presentation slides
+44 (0)20 7662 6700 www.aviva.com
06.30hrs BST
Live webcast
www.avivawebcast.com/interims2013/
08:15 hrs BST
End of part 1 of 5
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