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TheStreet Open House

Aviva Plc Interim Management Statement For The Nine Months To 30 September 2011

Aviva plc (NYSE:AV):

Nine months 2011
Good momentum in general insurance  
  • General insurance and health net written premiums of £7.0 billion, up 9%.
  • Group combined operating ratio improved to 96%.
  • UK general insurance sales up 12%: 318,000 new personal motor customers this year, now more than two million in total.
Strong profitability in life insurance  
  • New business internal rate of return increased to 14%.
  • Long term savings sales of £23.6 billion, 8% lower, driven mainly by actions to write less capital-intensive business, but also due to current market conditions.
  • UK life and pension sales up 6% to £8.1 billion.
Focused on balance sheet in a tough economic environment  
  • IFRS net asset value per share increased by 23 pence to 448 pence (HY2011: 425p).
  • IGD solvency surplus £2.7 billion and central liquidity £2.3 billion at 30 September 2011.
  • On track to meet net operational capital generation target of between £1.5 billion and£1.8 billion.
  • Minimal impairment on our high-quality long-term asset portfolio.
  • Strengthened equity and euro currency hedging providing additional downside protection.
Further delivery of our strategy in the third quarter  
  • On course to meet our financial targets in 2011.
  • Market share gains in key UK markets - in individual annuities, protection and personal motor*.
  • Completed sale of RAC for £1.0 billion.
  • Sale of Aviva Investors business in Australia.
  • Sale of Delta Lloyd’s loss-making German business.

*UK market share data is latest available information based on HY11.

Andrew Moss, group chief executive, commented:

“Markets have been exceptionally volatile but we have delivered a strong operating performance in the first nine months and we remain on track to meet our financial targets this year. Focusing on capital generation and our capital and liquidity position will continue to be priorities.”

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