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10 Aug 2022: Interim results - for six months ended 30 June 2022
Watch our 2022 half year results video with Group CEO Amanda Blanc
Transcript
Read Amanda Blanc's 2022 half year results video transcript
Jenny Bruce
Hi, Amanda. Thank you so much for having me here to talk about the results with you today.
How are you?
Amanda Blanc
I'm good, thanks. Jenny, how are you?
Jenny Bruce
I'm really well, thank you. So, are we making the progress that you'd hoped for at this stage of the year?
Amanda Blanc
Well, yeah, I actually think that we are, Jenny. And that is largely due to the fantastic work that's done by you and all of your colleagues at Aviva. And I can't thank them enough for the hard work that they've put in in the first six months of this year.
So, I think if I reflect back over the period, we've made some really strong progress and there’s really good momentum in the business and I think you can see that in the growth, in insurance, the growth in the wealth business and the growth in the retirement business, which I think puts us in a really, really strong position.
We made some difficult decisions two years ago when we refocused the portfolio, but I think you're really starting to see the benefit of those decisions now coming through in the performance of the business.
And we're much better at managing the performance of the business as well. I think the performance culture in the business is really strong.
And so whilst I know we look out at a very difficult macro environment, Aviva is in a very, very good position to be able to work through that and I think we'll come out of that very strongly and I'm very confident about the outlook.
Jenny Bruce
It'd be great to know what the half-year highlights are for you.
Amanda Blanc
So, as I reflect on the first half, I think if we look at the sales performance of the business, that's strong. The operating profit of the business is also up and so that's a strong performance for us. And I put that down to the diversified nature of the business.
We are in a strong competitive position holding as we do number one positions in many of our product lines in the UK, Ireland and Canada.
And of course, the capital position of the business is strong. There are two things to talk about there.
Firstly, today we announced that the interim dividend is in line with the guidance that we gave back in March, and secondly, that we anticipate launching a share buyback with the full year results in March 2023.
And I think, Jenny, this shows the confidence that we have in the business.
Jenny Bruce
So, you've talked about our four strategic priorities. Can you tell me a bit about how we're progressing in each of those?
Amanda Blanc
Yes. So, let's talk about customer first.
So obviously, the customer's at the heart of what we do here at Aviva. We have over 18 and a half million customers across the UK, Ireland and Canada. That's a lot of customers to look after and we take that responsibility very seriously.
You will remember in February of this year there were three storms which happened very quickly in the UK, and we had 19,000 claims from those storms and obviously our customers really needed us at that point and we were there for them, and we were able to actually settle 10% of claims on the first day, which I think is real testament to our colleagues, but also a testament to One Aviva, because our Aviva Canada team were able to step in and help the UK team to make sure that we were able to do that. I was incredibly proud of that.
We've also made over 100 experience improvements to the MyAviva app and to Aviva Connect, which is the broker app. And we have over half a million new registrations on MyAviva in the last 12 months. So, people are engaging more with Aviva, which is obviously good. The reason that's important is if somebody is on and using the MyAviva app, then they're twice as likely to buy another Aviva product.
And the second priority area is growth and we've made great progress there also.
We've grown in insurance, we've grown in wealth and we've grown in retirement, as you can see from the results that we've published today.
So maybe just to sort of delve into a couple of those areas, because we can't just rely on our existing revenue streams, we have to look for new opportunities.
So, in commercial lines, we are expanding our regional underwriting footprint. We've made enhancements to our digital proposition. In Canada we've launched a multinational proposition for national businesses there. And in the wealth business, we've launched some new enhancements to the master trust proposition.
And last week I was really excited when we announced the Azur acquisition because that puts us as number one in the high-net-worth market in the UK.
That and the launch of Aviva Zero where we've now underwritten over 12,000 policies, I think these are all really good proof points which show that Aviva is growing in our traditional areas but also in new revenue areas.
So, our third priority area is efficiency and as you've seen today, our costs are down 2%. So that's really good news.
I think particularly when you look at this very high inflationary environment in which we're operating in, so any cost reduction is clearly going to be tough.
But the good news is that we are on target to meet the 750 million target that we set out in March this year.
We're reducing our IT platforms, simplifying them so that they're not as expensive. And we are also looking at our product set to simplify the number of products that we have. And of course, for us, top quartile efficiency remains our absolute priority across each of the business lines.
And the final area is, of course, around sustainability. And here we're making good progress. But in the last six months where we've really been focusing our attention is on the cost of living crisis. And I think there are three things that we should draw out here. Firstly, we've committed £15 million to support vulnerable businesses and vulnerable people in local communities as they struggle through what is, of course, an incredibly difficult time for them.
The second area is thinking about our customers and ensuring that we can provide them with affordable product propositions as they are making choices during this cost of living crisis.
And finally, our own colleagues, we made an announcement last week of a one-off payment to support 7,000 of our colleagues in this difficult time.
Jenny Bruce
Thank you, Amanda. That's been some great insight.
What are the key messages that you'd like us to take away from today?
Amanda Blanc
So, Jenny, I think to sum up, we would say we've had an excellent start to the year, but we are very conscious of how difficult it is out there. It's really tough.
But we are in a good position because we've got some leading franchises.
If you look at our position across the UK, Ireland and Canada we're in a strong position. And we have a formidable brand.
And the work that we did two years ago in setting the new strategy has put us in a great place to be able to capitalize on that.
So, we have a real confidence that we can deliver Aviva's promise.
So, I guess I just want to finish by saying thank you to all of our colleagues for all the hard work that they've put in for the last six months. I really, really appreciate that.
Jenny Bruce
Thank you so much, Amanda. It's been brilliant talking through with you today.
Amanda Blanc
And thank you. I've really enjoyed it.
Archive of past presentations
View past presentations by year.
2022
29 Jun 2022: In focus: Annuities, Equity Release & Asset Origination
2022 In focus: Annuities, Equity Release & Asset Origination video
Download the presentation slides PDF (5.8 MB)
2 Mar 2022: Preliminary results for 12 months ended 31 December 2021
Watch our Group CEO, Amanda Blanc’s 2021 full year results video
Download Amanda Blanc's 2021 full year results video transcript (179 KB)
Download our 2021 full year results announcement PDF (736 KB)
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18 Jan 2022: In focus: UK General Insurance Commercial Lines
2022 In focus: UK General Insurance Commercial Lines presentation slides PDF (4.6 MB)
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2021
23 Nov 2021: In focus: Health & Protection
2021 In focus: Health & Protection presentation slides PDF (4.2 MB)
2021 In focus: Health & Protection event video
12 Aug 2021: Interim results - for six months ended 30 June 2021.
Watch 2021 half year results Amanda Blanc video
Download Amanda Blanc's 2021 interim results video transcript PDF (179 KB)
Download our 2021 interim results announcement PDF (1.0 MB)
Download our 2021 interim results presentation PDF (4.3 MB)
Watch our interim results update for investors and analysts
6 July 2021: In focus: Canada
2021 In focus: Canada analyst and investor event PDF (3.7 MB)
2021 In focus: Canada analyst and investor event video
27 May 2021: First quarter trading update - for three months ended 31 March 2021
2021 Q1 results announcement PDF (111 KB)
2021 Q1 results audio webcast MP3 44 MB
4 Mar 2021: Preliminary results for 12 months ended 31 December 2020
2020 full year results announcement PDF (1.80 MB)
2020 full year results presentation PDF (9.0 MB)
2020 full year results video with Amanda Blanc
2020 full year results video with Amanda Blanc (transcript) PDF (125.9 KB)
2020 full year results update video for investors and analysts
2020
26 Nov 2020: Third quarter update - for nine months ended 30 September 2020
2020 Q3 update announcement video with Amanda Blanc
2020 Q3 update announcement video with Amanda Blanc (transcript) PDF (399 KB)
2020 Q3 update announcement PDF (1.67 MB)
2020 Q3 update presentation PDF (2.50 MB)
6 Aug 2020: Interim results for six months ended 30 June 2020
2020 half year results announcement PDF (1.5 MB)
2020 half year results presentation PDF (405 KB)
2020 half year results video with Amanda Blanc
2020 half year results video with Amanda Blanc (transcript) PDF (513 KB)
2020 half year results audio webcast MP3 (35 MB)
21 May 2020: Operating update - three months ended March 31 2020
2020 Q1 update announcement PDF (2.2 MB)
2020 Q1 update investment portfolio snapshot PDF (1.3 MB)
2020 Q1 update audio webcast MP3 (6.1MB)
5 Mar 2020: Preliminary results for 12 months ended 31 December 2019
2019 full year results video with Maurice Tulloch
2019 full year results video with Maurice Tulloch (transcript) PDF (72 KB)
2019 full year results announcement PDF (2.2 MB)
2019
20 Nov 2019: Capital Markets Day 2019
2019 Capital Markets Day video – update from Maurice Tulloch (CEO)
2019 Capital Markets Day video – update from Maurice Tulloch (CEO) – video transcript PDF (106 KB)
2019 Capital Markets Day announcement
2019 Capital Markets Day presentation PDF (6.06 MB)
2019 Capital Markets Day presentations video – Maurice Tulloch (CEO) and Jason Windsor (CFO)
8 Aug 2019: Interim results for six months ended 30 June 2019
2019 half year results announcement PDF (2 MB)
2019 half year results presentation PDF (2.2 MB)
2019 half year results video webcast
6 Jun 2019: Investor update
2019 investor update presentation PDF (2.2MB)
2019 investor update event video
2019 investor update announcement
7 Mar 2019: Preliminary results for 12 months ended 31 December 2018
2018 full year results announcement PDF (2MB)
2018
2 Aug 2018: Interim results for six months ended 30 June 2018
2018 half year results announcement PDF (2.3 MB)
2018 half year results video with Mark Wilson
2018 half year results presentation PDF (550 KB)
2018 half year results video webcast
8 Mar 2018: Preliminary results for 12 months ended 31 December 2017
2017 full year results announcement PDF (1.0 MB)
2017 full year results video with Mark Wilson
2017 full year results presentation PDF (1.1 MB)
2017 full year results video webcast
22 Jan 2018: Bulk purchase annuity (BPA) and private debt seminar
Jason Windsor, CFO UK Insurance, Tom Ground, MD Defined Benefit Solutions, and Mark Versey, CIO Investment Solutions, spoke at our BPA and private debt seminar at our offices in London.
2018 Bulk purchase annuity and private debt seminar presentation PDF (1.11 MB)
2017
30 Nov 2017: 2017 Capital Markets Day, Warsaw, Poland
2017 Capital Markets Day event day summary video
2017 Capital Markets Day event day video webcast
28 Sep 17: Bank of America Merrill Lynch conference
2017 Bank of America Merrill Lynch conference PDF (1.3 MB)
03 Aug 17: Interim results for 6 months ended 30 June 2017
2017 half year results announcement PDF (2.3 MB)
2017 half year results video with Mark Wilson
2017 half year results presentation PDF (2.2 MB)
09 Mar 17: Preliminary results for 12 months ended 31 December 2016
2016
04 Aug 16: Interim results for 6 months ended 30 June 2016
Results slides
PDF (906.4 KB)
06 Jul 16: Capital Markets Day 2016
Slides
PDF (1.3 MB)
10 Mar 16: Preliminary results for 12 months ended 31 December 2015
Results slides
PDF (401.1 KB)
2015
30 Sep 15: Bank of America Merrill Lynch Conference
Bank of America Merrill Lynch Conference Presentation 2015
PDF (982.8 KB)
06 Aug 15: Interim results for 6 months ended 30 June 2015
Results slides
PDF (2.4 MB)
15 Jun 15: Goldman Sachs 19th Annual European Financials Conference
Transforming Aviva
PDF (762.8 KB)
02 Jun 15: Deutsche Bank Global Financial Services Conference
Deutsche Bank Global Financial Services Conference Presentation
PDF (264.3 KB)
24 Mar 15: Morgan Stanley European Financials Conference
Morgan Stanley European Financials Conference Presentation
PDF (328.3 KB)
05 Mar 15: Friends Life's preliminary results for 12 months ended 31 December 2014
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PDF (609.0 KB)
Audio Webcast
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05 Mar 15: Preliminary results for 12 months ended 31 December 2014
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2014
02 Oct 14: 19th Annual Banking & Insurance CEO Conference, Bank of America Merrill Lynch
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07 Aug 14: Interim results for 6 months ended 30 June 2014
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06 Aug 14: Friends Life's interim results for 6 months ended 30 June 2014
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09 Jul 14: Aviva plc capital markets day
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09 May 14: Friends Life's interim management statement - 3 months ended 31 March 2014
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Audio Webcast
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25 Mar 14: Morgan Stanley European Financials Conference
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18 Mar 14: Friends Life - Strategy Update
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18 Mar 14: Resolution's preliminary results for 12 months ended 31 December 2013
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06 Mar 14: Preliminary results for 12 months ended 31 December 2013
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2013
07 Nov 13: Interim management statement - 9 months ended 30 September 2013
25 Sep 13: 18th Annual Banking & Insurance DEC Conference, Bank of America Merrill Lynch
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13 Aug 13: Resolution's interim results for 6 months ended 30 June 2013
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Audio Webcast
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08 Aug 13: Interim results for 6 months ended 30 June 2013
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04 Jun 13: Deutsche Bank - Global Financial Services Investor Conference
Pat Regan, chief financial officer, Aviva plc
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26 Mar 13: Resolutions's preliminary results for 12 months ended 31 December 2012
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Audio Webcast
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07 Mar 13: Preliminary results - 12 months ended 31 December 2012
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2012
23 Nov 12: Interview post Mark Wilson's appointment as ceo
15 Nov 12: Friends Life - Investor update on UK progress and International strategy
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PDF (1.1 MB)
26 Sep 12: Bank of America Merrill Lynch - Banking and Insurance CEO conference
Pat Regan, chief financial officer, Aviva plc
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17 Sep 12: KBW Financials Conference 2012
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15 Aug 12: Resolution's interim results for 6 months ended 30 June 2012
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09 Aug 12: Interim results for 6 months ended 30 June 2012
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05 Jul 12: Aviva plc investor and analyst update
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08 May 12: John McFarlane vodcast
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27 Mar 12: Resolution's preliminary results for 12 months ended 31 December 2011
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