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24 May 2023: First quarter trading update for three months ended 31 March 2023

Watch our Group CEO, Amanda Blanc’s 2023 first quarter trading update video

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Transcript

Hello everyone. I’m pleased to share our latest trading update with you.

An update that reflects the hard work of all of our people. We can only present these results because of what they do every day. So, a very big thank you to the Aviva team.

It’s been another quarter of great progress for Aviva, demonstrating once again that our strategy, and the diversified business model we have built, is the right one.

We’ve posted excellent trading results this morning, delivering strong growth across key product lines in Insurance, Wealth and Retirement.

Our capital position remains solid. Costs continue to fall and our £300m share buyback is nearing completion.

We remain on track to hit our cost savings target, and we’re confident we’ll beat our cash remittance and OFG targets. This will support our growing dividend, and we anticipate supplementing this with further regular and sustainable capital returns in the future.

We’re fully focused on our four strategic priorities and we’ve continued to make progress against each of them.

Putting customers first is central to our strategy, and we’re continuing to deliver for them.

This includes launching a new restricted advice offering in Succession Wealth, and a new digital direct product in Canada through our RBC partnership.

And we’ve been supporting customers in the UK through short-term financial difficulties, while ensuring their coverage continues.

On growth, it’s been another excellent quarter for Aviva.

We’ve delivered double-digit growth in General Insurance, with strong pricing discipline.

Health and Protection also grew by double digits as customer demand continues.

Wealth net flows remain resilient, with a particularly good performance in Workplace.

In Retirement, BPA volumes were up in the quarter as we wrote the £850m Arcadia scheme.

Aviva Investors delivered positive external net flows. A good result in challenging macro conditions.

On efficiency, costs have come down a further 1% in the quarter as we continue to simplify the business – an impressive performance in an inflationary environment.

And finally, on sustainability, we’re continuing to make a real contribution to communities across the UK. We recently announced a £100m investment in the development of affordable accommodation and university facilities. And our partnership with the Money Advice Trust is helping small businesses significantly reduce their debt.

So, to summarise, we have continued to show very strong, consistent progress throughout the business. Our results today demonstrate, once again, the value in our diversified model. We have grown across our key product lines in Insurance, Wealth & Retirement, and the outlook is positive.

Once again, I want to thank all of my colleagues at Aviva for their hard work so far this year.

Thank you.

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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