Not Everywhere is about creating value and delivering it.
It's about focusing our resources where we can be most competitive. It’s about focusing on doing a relatively small number of things very well, rather than casting our net too widely. It's about being efficient. It’s about focusing on where we can win.
And Not Everywhere is also about capital allocation – something we see as a competitive sport at Aviva. We allocate capital to the markets, businesses and products that offer the most attractive returns, looking at it through three lenses: strategic, financial and execution.
It’s about being clear what not to do, so we can focus and invest in what we do best.
We focus on allocating capital to areas where we can generate strong returns. If we’re not getting the results we want, we will take action.
Oaks and acorns
Our oaks and acorns categorisation shows how each of our businesses contributes to our overall portfolio, either now or in the future.
We are focused on eight major markets where we have scale, profitability or a distinct competitive advantage.
We also have six markets where we have invested strategically to drive long-term value.
Attractive, growing markets where we are, or have the potential to be, best in class. These businesses will underpin our cash flow plus growth investment thesis.
- UK - #1 composite providing a core growth engine and high levels of sustainable cash flow.
- France - cash generator underpinned by strong distribution.
- Canada - leading general insurance franchise.
- Poland - strong distribution and digital credentials.
- Italy - rebounding economic opportunity providing strong net flows.
- Ireland - a leading brand in a growth economy with accelerated development of our composite model.
- Singapore - accelerating development of the financial adviser channel in an attractive growth market.
- Aviva Investors - a strong growth engine underpinned by increasing third party assets and increasing margins.
We've made a number of strategic bets that will accelerate growth and provide increased value over the long term.
- China - delivering strong growth in sales and operating profit in one of the world’s largest insurance markets.
- Hong Kong - joint venture with Tencent and Hillhouse focused on digital disruption.
- Turkey - leading position in the life and pension market and exposure to a large, young and growing population.
- Indonesia - bancassurance venture in an under-penetrated, high growth emerging market.
- India - reassessing our options given changes in the market.
- Vietnam - leading business in one of the fastest growing Asian economies.
Capital Markets Day summary
We held our 2017 Capital Markets Day at our offices in Warsaw, Poland on 30 November 2017. Watch a summary of the event: