Aviva plc Interim Results Statement

Aviva plc Interim Results Statement 
LONDON -- (Marketwired) -- 08/08/13 --  Aviva PLC (LSE: AV) (NYSE:
AV)  *T 
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
----------------------------------------------------------------------- 
This information is provided by RNS 
The company news service from the London Stock Exchange 
END 


 
 
 
Contacts:
RNS
Customer
Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com


 
Press spacebar to pause and continue. Press esc to stop.