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TheStreet Open House

Aviva PLC Q2 2010 Earnings Call Transcript

Aviva PLC (AV)

Q2 2010 Earnings Call

August 05, 2010 09:00 pm ET

Executives

Pat Regan - CFO

Andrew Moss - Group Chief Executive

Igal Mayer - Chief Executive, Aviva North America

Andrea Moneta - Chief Executive, Aviva Europe, Middle East and Africa

Analysts

Nick Holmes - Nomura

Oliver Steel - Deutsche Bank

Colin Simpson - Goldman

Barrie Cornes - Panmure Gordon

James Burse - UBS

Blair Stewart - B of A Merrill

Andrew Crean - Autonomous

Duncan Russell - JPMorgan

Raghu Hariharan - Citi

Presentation

Unidentified Company Representative

Good morning everybody. Thank you very much for making the time to come over here slightly earlier here, although I know is a very busy day for all of you. What we'll like to do this morning is first of all I am going to give you sort of overview of the business taking around the different regions and really try and assure you that these results, we believe are very strong almost every way you look and what I now want to do is hand over to Pat who will take you through the numbers in more detail and I will comeback and summarize and of course we will move to questions-and-answers and I think I'll have plenty of time as always for that part of the meeting.

Okay. The story I think is actually pretty simple, it's a story of strong growth in profits and of course the focus on capital generation that's have been of interest for many of you in the course of the last few months. I think we also have a good story to tell on that. So IFRS operating profit up 21%, MCEV operating profit up by the same percentage to £2 billion, return on equity on an IFRS basis across the business of 14.6%, substantial increase relative to last year. I am pleased to see the IFRS net asset value also increasing from the year end up to 394p.

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