Aviva Plc – FY19 Results

Maurice Tulloch, Chief Executive Officer, said:

In 2019, we set out our priorities and financial targets, strengthened our leadership team and remained focused on helping our customers prepare for a better future. We've made good progress, but there is much more to do.

Our return on equity was 14.3% and operating profit increased 6% to a record £3.2 billion. Our capital position remains strong and resilient at a 206% Solvency cover ratio. The Board has increased the full year dividend by 3% to 30.9 pence per share.

Customers are choosing Aviva to help them save for their future, draw a secure income in retirement and insure what matters most to them. In 2019, we increased customer numbers by 2% to 33.4 million, and improved customer satisfaction levels.

In general insurance, sales are up 2% and the outlook is positive in the majority of our markets. In our major life businesses, we have increased customer net inflows and grown assets by 9% to £417 billion. Aviva Investors secured third party net inflows of £2.3 billion on the back of strong investment performance.

My objective is to run Aviva better. We will improve business performance and enhance returns through disciplined action on expenses and underwriting. We will focus capital and resources where we can achieve competitive advantage and strong returns and we will take robust action across the portfolio where our performance falls short or where we can see a better way of delivering value to our shareholders.

Key financial metrics

Profit

Capital Position

Dividend

Solvency II basis: Operating capital generation (OCG)^‡# and Cash remittances^‡#

Solvency II basis: Operating own funds generation and Return on capital/equity^#

Expenses

Value of new business: Adjusted Solvency II basis (VNB)^‡ and Present value of new business premiums (PVNBP)

General insurance combined operating ratio (COR)^‡  and Net written premiums (NWP)