Shareholder update - June 2022

Chair's update

Dear Shareholder

Welcome to another update. As you will see in our first quarter results below, we have made a good start to the year, with good business performance and strong progress on our strategy. We continue to grow and attract new customers, our underlying controllable costs are down, and we remain on track to meet the financial targets and dividend guidance we outlined in March. We have also maintained our strong capital position and I’m pleased to say we have completed our substantial return of capital to you all.

Our first quarter numbers also showed the clear benefits of our mix of business across insurance, wealth and retirement, underpinning our resilience against the backdrop of market volatility. We are mindful of the economic headwinds facing all businesses at the moment and the increasing pressures on the cost of living. Nonetheless we remain confident we will thrive thanks to our strong position and our unique ability to support all our customers with all their needs throughout their lives. 

We cannot control the external environment, but we know that by focusing on our customers, their challenges and their ambitions, we will deliver on our strategy, and in so doing we will continue to deliver on our promise for you, our shareholders.

George Culmer - Chair

Financial updates

2022 Q1 results update

Amanda Blanc, Group Chief Executive Officer, said:

“First quarter trading was positive, and our performance shows the clear benefit of Aviva’s business mix across insurance, wealth and retirement. We delivered healthy sales numbers across all our major business lines, with UK customer numbers up by over 100,000 in the last year to 15.4m, increasing our confidence that we can transform Aviva’s performance and grow.

“UK & Ireland Life sales are up 2%, and net flows into our Wealth business remained strong at £2.7 billion, despite market volatility. Our Advisor platform is now the number one in the market for net flows, and in Annuities and Equity Release we saw increased bulk purchase annuities volumes, written with good returns.

“We have also continued our momentum in General Insurance where we had our best first quarter sales in a decade, as more people were attracted to the strength of the Aviva brand and the quality of our products. Total General Insurance sales were up 5% to over £2 billion, driven by strong sales in commercial lines in both the UK and Canada.

“We remain very well positioned to benefit from the long term growth trends in our markets, and to meet our upgraded financial targets. This is underpinned by our strong capital position which benefits from rising interest rates. Our financial strength and market leadership give us confidence that we can successfully navigate the current uncertain economic conditions.”

Read our Aviva plc Q1 2022 Trading Update - Aviva plc for more details.

2022 Annual General Meeting & General Meeting update

The 2022 AGM of the Company and General meeting relating to the return of capital was held at The Queen Elizabeth II Centre (QEII Centre), Broad Sanctuary, Westminster, London SW1P 3EE, on 9 May 2022 with facilities to attend electronically.

You can find recordings of the Chair and Group CEO's speeches as well as the Business of the Meeting (from both the AGM & GM) here - 2022 Annual General Meeting and General Meeting - Aviva plc


Dividend & Return of capital

Our 2021 final dividend of 14.7 pence per share was paid on 19 May 2022.

Go to Dividends - Aviva plc for more details.

The terms of the return of capital were approved by shareholders at our General Meeting on 9 May 2022. B shares were issued on 16 May and redeemed on 17 May, with payments made to shareholders on 19 May 2022. Shares were consolidated at a rate of 76 32 17∕19 pence ordinary shares for every 100 25 pence ordinary shares held.

Go to Return of capital to ordinary shareholders - Aviva plc for more information.

Shareholder warning

We have had an increasing number of reports from shareholders that they have received cold calls where they are asked to confirm personal details such as their address. Shareholders are advised that such calls have not been arranged by either Aviva or our Registrar, Computershare, and are likely to be part of a scam. Shareholders who receive such calls are advised to hang up.

Environment & community updates

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Transcript  for video Introduction to the Aviva Foundation

Every year we have a proportion of dividends that are unclaimed by shareholders and in fact they are actually shares on the register that nobody ever claims.

And what we do is we look at those unclaimed assets as they're called and if they're not claimed or recovered after 12 years, then we pass them to the Foundation so that they can be used for good causes, charitable causes and actually make a difference to the communities within which we work and operate.

I think it very much aligns with our ethos as an organisation in terms of being a sustainable organisation, of having a very strong focus on community, doing good, being sustainable, making a difference.

So we picked three areas broadly that we like to fund. There's climate action which is very topical and very much aligns with our wider net zero ambition.

We also focus on resilient communities and strengthening the resilience of communities again very much aligned to what we do in our general insurance business in terms of flood action and helping people recover from, you know, accidents and incidents that happen and then lastly financial inclusion and capability.

How do we drive financial inclusion and capability, give people the tools to use financial services to benefit them? And how do we help educate people about what's available there? And I think there is a big gap there.

So we really want to understand the impact and the outcomes of projects, and we measure that very carefully, to make sure that actually our money is counting and it is making a difference.

I mean, I'm really, really proud of it. We, we've given away just over £8 million which is, you know, quite a significant amount, and we've probably touched the lives or helped about 800,000 individuals.

My passion is really making us relevant today and the whole idea of financial inclusion, financial capability, people being able to use financial services to make their lives better and be able to do so is really, really important.

Foundation update

The Aviva Foundation continues to support our communities with the challenges they face. The video below shows how together with our partners we’re tackling issues like financial resilience, all the more important given the rise in the cost of living.

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Transcript  for video Talking money and the Aviva Foundation

Talking money is a charity based in Bristol.

Essentially, we exist to relieve poverty, to combat financial exclusion and to promote access to justice for people experiencing financial problems.

So the Aviva Foundation has provided funding for us to work in partnership with another local advice agency, St. Paul's Advice Centre and Advice UK, national membership body for advice centres.

And they have supported us over the last few years to put direct resource to working with clients in a different way.

So it's starting to look at root cause, starting to look at systemic issues, taking the time to think about the work we're doing with people and produce the work with people.

So one of the biggest challenges for us now is that we are seeing people, for example, who are employed, but whose wages don't even cover their basic day to day living costs.

So we're seeing people with rent arrears, council tax arrears, gas and electric water debts, but with no real obvious solution in sight.

So the impact that we're having as a result of the funding is helping us to work with clients for longer so that we don't just solve their immediate crisis. We help them to find the solution and stick with them after that crisis is gone, so that they're not back to us with another crisis in a year's time.

We're dealing with the most marginalised in society, and those people can be stuck in poverty for significant chunks of their life and without kind of the interventions that we can do at potentially an earlier stage before people get into real financial hardship.

British Red Cross Ukraine donation update

We’re donating over £1 million to the British Red Cross Ukraine Crisis Appeal

We’re proud to have worked with the British Red Cross since 2016 to help communities become safer and stronger in times of uncertainty and crisis.

Thank you to all our shareholders who have donated to our appeal for the British Red Cross which is supporting those affected in Ukraine and its neighbouring countries, as well as those fleeing the conflict and arriving in the UK. We’ve so far pledged over £1 million and will continue to match your donations £1 for £1 up to the total value of £500,000.

We’d also like to thank our people for their generosity. They’ve donated an amazing £180,000 so far.

If you’d like to make a donation, you can visit the website and Aviva will match your contribution.

Sustainability update

Tackling the climate crisis

We’ve published a new paper ‘Delivering the UK’s Net Zero Transition’, with our climate charity partner WWF-UK that maps out the next steps we believe the Government must take to help businesses and the public sector tackle the climate and nature crises.

Read our recommendations

Register and feedback

We’ll share more shareholder updates in September and December 2022. Register to get an email when these are available. Want to keep up to date with the latest Aviva news? Follow Aviva Plc on Twitter and LinkedIn for regular updates.

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