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Aviva Plc 2011 Preliminary Results

Aviva plc (NYSE:AV):

 
Strong operating performance – beating our targets  
  • Operating profit of £2.5 billion, up 6% on a continuing basis*
  • £2.1 billion operating capital generation (FY 2010: £1.7 billion)
  • New business internal rate of return increased to 14.4% (FY 2010: 13.3%)
  • Group combined operating ratio improved to 96.8% (FY 2010: 97.1%)
  • Full year dividend of 26 pence (FY 2010: 25.5 pence)
Profitable growth in life insurance  
  • Life insurance operating profit up 7% to £2.1 billion (FY 2010: £2.0 billion)
  • Long term savings sales of £31.4 billion, 6% lower (FY 2010: £33.6 billion)
  • UK life and pension profits up 8% to £920 million (FY 2010: £850 million)
Underwriting excellence driving profitable growth in general insurance  
  • General insurance operating profit up 3% to £935 million (FY 2010: £904 million)
  • General insurance & health net written premiums up 8% to £9.2 billion (FY 2010: £8.5 billion)
  • UK general insurance and health profit up 7% to £520 million (FY 2010: £488 million)
Resilience in volatile markets  
  • Profit before tax of £87 million (FY 2010: £2.4 billion) was mainly impacted by adverse unrealised investment variances
  • IFRS NAV resilient at 435p (FY 2010: 454p)
  • Estimated IGD surplus of £3.3 billion at 29 February 2012 (31 December 2011: £2.2 billion)
 

Andrew Moss, Group Chief Executive, commented:

“We delivered a strong operating performance in 2011. Despite challenging market conditions we have beaten all our operating targets. We have made good strategic progress, focusing on markets where we will grow and earn higher returns.

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