Results

Latest results

9 Mar 2023: Full year results for 12 months ended 31 December 2022

Watch our Group CEO, Amanda Blanc’s 2022 full year results video

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Transcript

Vicky Keating:

Hi, Amanda, and welcome to Solus. It's great to have you here today to talk to me about Aviva's full year financial results. 2022 felt like a big year. Are you pleased with our performance?

Amanda Blanc:

Well, before I start on that, Vicky, thank you so much for having us here today. It's absolutely fantastic to be on site at one of our Solus sites. Thank you and the team for everything that you do for our customers. You get them back on the road quickly and efficiently and safely, and that's really terrific. So we really appreciate that. So thank you so much.

Now turning to 2022, Aviva had an excellent 2022. I think the performance was really strong. I want to thank all of the colleagues at Aviva for that because they worked really, really hard. I think what it shows is the resilience of Aviva, and the consistency and the reliability of the performance of Aviva. I think that is really coming through in these results.

I think the performance of the business is only going to get stronger from here. So I'm very excited about that. I think what's really pleasing is how we've achieved that set against what has been a very difficult economic and political backdrop and obviously, cost of living crisis. So I think the performance of the business is even stronger for that.

Vicky Keating:

So, what are the standout financial highlights for you?

Amanda Blanc:

Well, there's quite a few, actually, and I think the results are testament to the hard work that everybody's done over the past two years and the real performance management lens that we now have on the business. So just going through,I think a few of the real highlights.

Aviva is growing. The value of new business is growing in the Life company. The wealth fund flows are really strong and we've seen growth in the UK, Ireland and Canadian general insurance businesses.

On top of that, profitability is strong, with the Combined Operating Ratio in the general insurance business resilient in what is a very tough market. Our costs are coming down, again, set against a tough inflationary environment. We're really pleased with the progress that we've made on costs.

And turning to capital, clearly 2022, we returned a significant amount of capital to our shareholders. And you've seen from this morning's announcement that we've been able to announce another return of capital in these results, which I'm very, very pleased about. And the dividend is, as we said, it would be for 2022, and we've also announced an upgrade to the dividend policy this morning.

Vicky Keating:

You said our strategy is the right one. What's next for Aviva and its strategic priorities?

Amanda Blanc:

I think the strategy is the right one. And you can see from the results today that we're actually making progress against it. We've got a laser focus on our four strategic priorities of customer, growth, efficiency, and sustainability. And that is really what's allowing us to unlock the competitive advantage in Aviva's model.

So putting customers first is absolutely central to Aviva's strategy. We've made some great progress in 2022. One of the things that I'm really excited about is we've built an engaging mobile-led customer journey, and what that has seen is £600 million of fund flows through to our MyAviva pension platform, which is really great news.

So our second priority is growing the business. Each business plays a critical role in our portfolio. Wealth is a really big focus for us and having an advice capability is really the key to unlocking that growth and hopefully helps us to recapture some of the six billion of flows that leave us each year.

Our third priority is efficiency, and here we've made some great progress. We've simplified our customer journeys, we’ve streamlined our IT estate and we've reduced our property footprint, and this has all contributed to the cost reduction.

Looking to the future, once we've achieved our 750 million cost reduction, our aim is to be upper quartile across all of the key business lines.

And our final priority is sustainability. And I'm pleased to say that we continue to lead the pack on climate change. I'm also pleased that we've been able to donate £38 million to restore Britain's temperate rainforests, which is part of a £100 million donation that we'll make to contribute to biodiversity in the UK.

This year, one of our biggest pushes is into social action. Now we've already committed to investing £10 billion into UK infrastructure investments, but with the cost of living crisis, we wanted to do more for customers and the communities. And so we've committed to working with the Citizens Advice Bureau and the Money Advice Trust to do this.

Vicky Keating:

So how would you sum up Aviva's year?

Amanda Blanc:

Well I think Aviva's had an excellent 2022. We have delivered quarter by quarter and I think you've seen that in the strong financial performance that has come through today.

The plan that we put in place is actually working and the resilience of the diversified business model is also working.

And you've really seen the clear benefits of the scale, the diversification and the brand of Aviva coming through here today. We have leading positions in all of our core markets and we've also got high performing businesses. And you combine that with a formidable brand and I think you see the results coming through as they have done today. So we have the strategy, the leadership and the engaged people and of course these results to show that we can and we will deliver on Aviva's promise in 2023.

Vicky Keating:

So thanks, Amanda, for being here today. It's been great to have you.

Amanda Blanc:

Look, it's been absolutely brilliant to be here and actually see first-hand what you're doing for customers. Thank you so much for having me.

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7 Mar 2019: Preliminary results for 12 months ended 31 December 2018

2 Aug 2018: Interim results for six months ended 30 June 2018

03 Aug 17: Interim results for 6 months ended 30 June 2017

09 Mar 17: Preliminary results for 12 months ended 31 December 2016

04 Aug 16: Interim results for 6 months ended 30 June 2016

10 Mar 16: Preliminary results for 12 months ended 31 December 2015

29 Oct 15: Interim management statement - 9 months ended 29 September 2015

06 Aug 15: Interim results for 6 months ended 30 June 2015

07 May 15: Interim management statement - 3 months ended 31 March 2015

05 Mar 15: Friends Life's preliminary results for 12 months ended 31 December 2014

05 Mar 15: Preliminary results for 12 months ended 31 December 2014

11 Nov 14: Friends Life's interim management statement - 9 months ended 30 September 2014

30 Oct 14: Interim management statement - 9 months ended 30 September 2014

07 Aug 14: Interim results for 6 months ended 30 June 2014

06 Aug 14: Friends Life's interim results for 6 months ended 30 June 2014

15 May 14: Interim management statement - 3 months ended 31 March 2014

09 May 14: Friends Life's interim management statement - 3 months ended 31 March 2014

18 Mar 14: Resolution's preliminary results for 12 months ended 31 December 2013

06 Mar 14: Preliminary results for 12 months ended 31 December 2013

12 Nov 13: Resolution's interim management statement - 9 months ended 30 September 2013

07 Nov 13: Interim management statement - 9 months ended 30 September 2013

13 Aug 13: Resolution's interim results for 6 months ended 30 June 2013

08 Aug 13: Interim results for 6 months ended 30 June 2013

16 May 13: Interim management statement - 3 months ended 31 March 2013

08 May 13: Resolution's interim management statement - 3 months ended 31 March 2013

26 Mar 13: Resolutions's preliminary results for 12 months ended 31 December 2012

07Mar 13: Preliminary results - 12 months ended 31 December 2012

15 Nov 12: Resolution's interim management statement - 9 months ended 30 September 2012

08 Nov 12: Interim management statement - 9 months ended 30 September 2012

15 Aug 12: Resolution's interim results for 6 months ended 30 June 2012

09 Aug 12: Interim results for 6 months ended 30 June 2012

17 May 12: Interim management statement - 3 months to 31 March 2012

09 May 12: Resolution's interim management statement - 3 months ended 31 March 2012

27 Mar 12: Resolution's preliminary results for 12 months ended 31 December 2011

08 Mar 12: Preliminary results - 12 months ended 31 December 2011

09 Nov 11: Resolution's interim management statement - 9 months ended 30 September 2011

03 Nov 11: Interim management statement - 9 months to 30 Sep 2011

16 Aug 11: Resolution's interim results for 6 months ended 30 June 2011

04 Aug 11: Interim results for 6 months ended 30 June 2011

17 May 11: Interim management statement - 3 months to 31 March 2011

10 May 11: Resolution's interim management statement - 3 months ended 31 March 2011

24 Mar 11: Resolution's preliminary results for 12 months ended 31 December 2010

03 Mar 11: Preliminary results - 12 months ended 31 December 2010

11 Nov 10: Resolution's interim management statement - 9 months ended 30 September 2010

02 Nov 10: Interim management statement - 9 months to 30 September 2010

17 Aug 10: Resolution's interim results for 6 months ended 30 June 2010

05 Aug 10: Interim results for 6 months ended 30 June 2010

11 May 10: Interim management statement - 3 months to 31 March 2010

04 Mar 10: Preliminary results - 12 months ended 31 December 2009

04 Feb 10: Worldwide long-term savings new business - 12 months to 31 December 2009

04 Nov 09: Interim management statement - 9 months to 30 September 2009

06 Aug 09: Interim results for 6 months ended 30 June 2009

27 Apr 09: Interim management statement - 3 months to 31 March 2009

05 Mar 09: Preliminary results - 12 months ended 31 December 2008

04 Feb 09: Adoption of Market Consistent Embedded Value (MCEV) and impact on results

04 Feb 09: Worldwide long-term savings new business - 12 months to 31 December 2008

28 Oct 08: Interim management statement - 9 months to 30 September 2008

30 Jul 08: Interim results for 6 months ended 30 June 2008

25 Apr 08: Interim management statement - 3 months to 31 March 2008

28 Feb 08: Preliminary results - 12 months ended 31 December 2007

06 Feb 08: Worldwide long-term savings new business - twelve months to 31 December 2007

25 Oct 07: Worldwide long-term savings new business - nine months to 30 September 2007

09 Aug 07: Interim results - 6 months ended 30 June 2007

24 Apr 07: Worldwide long-term savings new business - three months to 31 March 2007

01 Mar 07: Preliminary results - 12 months ended 31 December 2006

06 Feb 07: Worldwide long-term savings new business - twelve months to 31 December 2006

26 Oct 06: Worldwide long-term savings new business - nine months to 30 September 2006

09 Aug 06: Interim results - 6 months ended 30 June 2006

27 Apr 06: Worldwide long-term savings new business - three months to 31 March 2006

02 Mar 06: Preliminary results - 12 months ended 31 December 2005

07 Feb 06: Worldwide long-term savings new business - twelve months to 31 December 2005

27 Oct 05: Worldwide long-term savings new business - nine months to 30 September 2005

11 Aug 05: Interim results - 6 months ended 30 June 2005

05 Jul 05: Aviva releases its full year 2004 results restated in accordance with IFRS

28 Apr 05: Worldwide long-term savings new business - three months to 31 March 2005

09 Mar 05: Preliminary results - 12 months ended 31 December 2004