Shareholder update - September 2024
Chair's update
Dear Shareholder
Welcome to our autumn update.
Aviva has made excellent progress over the last few months, and you can read about some of the highlights on this page.
In August we published our half year results which demonstrated, yet again, a very strong financial performance. Aviva’s diversified model, our leading positions in growing markets and the dedication of all our people, contributed to substantially higher sales and operating profit.
The financial success of our company underpins the growing dividend, and you will see more information in this update about the interim dividend we have declared.
We have continued to grow the business organically and through M&A. In recent months we completed the strategically important acquisition of Probitas. This is a high quality business which gives Aviva access to the Lloyd’s market, broadens our distribution and creates new opportunities for further growth.
Finally, in this update you can read about Aviva’s support for Britain’s lost temperate rainforests including our partnership with Cumbria Wildlife Trust to help create England’s highest nature reserve on Skiddaw.
Thank you once more for your continued interest in and support for Aviva.
George Culmer - Chair
Financial updates
2024 interim results
Amanda Blanc, Group Chief Executive Officer, said:
“Sales are up. Operating profit is up. The dividend is up. Our plan to deliver more for customers and shareholders is working really well.
“We have achieved another six months of excellent trading. We have generated growth right across Aviva, thanks to our leading positions in attractive markets such as workplace pensions and general insurance in the UK and Canada.
“We remain very positive about Aviva’s prospects. Trading conditions across the UK, Ireland and Canada, are excellent. And the UK market, our largest, is highly attractive and growing. We see many reasons to invest here, including greater economic stability and political certainty. This encouraging backdrop - and Aviva's continued strong financial performance - means we are increasingly confident we can deliver even more for our customers and shareholders.”
2024 interim dividend
On 14 August 2024, Aviva announced an interim dividend of 11.90 pence per share (2023: 11.10 pence).
We remain committed to delivering for our shareholders. Our dividend guidance for mid-single digit growth in the cash cost of the dividend, and our intentions for further regular and sustainable returns of capital, remain unchanged.
Go to our dividends page for more details.
Business updates
Acquisition of Probitas
On 10 July 2024 we announced the completion of the acquisition of Probitas Holdings (Bermuda) Limited (“Probitas”) for consideration of £249 million.
Environment and Community updates
Partnership with Cumbria Wildlife Trust to create nature reserve at Skiddaw Forest
In February 2023 Aviva announced a £38 million partnership with The Wildlife Trusts to restore Britain’s lost temperate rainforests in the UK. Native to the British Isles, temperate rainforest is an incredibly rare and biodiverse habitat that now covers less than 1% of the UK. Restoring these rainforests isn’t just about meeting environmental targets. It’s also about providing a better tomorrow by protecting and restoring biodiversity, providing increasing flood protection, and addressing the ongoing nature crisis by adding to the natural beauty and cultural heritage of each site.
In September this year we partnered with Cumbria Wildlife Trust to launch a major public appeal to help buy Skiddaw Forest, including the summit of Skiddaw, and create England’s highest nature reserve.
- 620 acres of lost Atlantic Rainforest in Cumbria will be restored thanks to The Wildlife Trusts’ partnership with Aviva.
- Skiddaw Forest in the Lake District covers 3,000 acres of currently ungrazed upland.
- Over 2,200 acres of other habitat will be restored including montane scrub, wildflower grassland, heather moorland and 992 acres of peatbogs.
- Open public access to this popular fell – including Skiddaw’s summit – will be secured.
- Internationally important site for nature and geology will be protected forever.
Cumbria Wildlife Trust aims to restore a huge, lost area of Atlantic rainforest as part of its 100-year vision for bringing back wildlife to the lower slopes of what will be the highest nature reserve in England. Thanks to a partnership with Aviva, £5 million has been raised and additional support has been secured from charitable funders towards the asking price. Now the charity needs to raise the final £1.25 million and is appealing to the public to secure the purchase.
Stephen Trotter, CEO of Cumbria Wildlife Trust, says:
“This is a unique and exciting opportunity to create England’s highest nature reserve and, working with farmers and the local community, we urgently need to put more wildlife back into a much-loved and spectacular part of Cumbria. We’re extremely grateful to Aviva and other donors for the contributions already made towards the purchase of Skiddaw Forest.
“Now we’re asking the public to give whatever they can to help us secure this site and to bring more nature to this very special place.
“Skiddaw Forest offers a unique opportunity for wildlife and climate resilience at a major scale in the Lake District National Park. We have to reverse the widely reported decline of nature in National Parks to help address the impacts of the climate emergency and the wider wildlife crisis.”
Claudine Blamey, Chief Sustainability Officer, Aviva, said:
“We’re delighted to see Skiddaw in the Lake District chosen as the latest site in our partnership with The Wildlife Trusts, creating England’s highest nature reserve in such an iconic location. Restoring temperate rainforest, peatlands and other habitats on Skiddaw will help the Lake District become more climate ready and provide communities and visitors the opportunity to experience the wonder of British rainforests for years to come.”
Mountaineer Sir Chris Bonington said:
“As a lover of the Lake District fells, and a keen advocate for the environment and biodiversity, I can’t think of a better organisation to manage Skiddaw Forest than Cumbria Wildlife Trust. Their tireless work has really helped to put wildlife into the consciousness of the public and put nature back onto the map.”
Writer and television presenter Julia Bradbury said:
“This is an amazing opportunity for nature recovery on such a large scale. I’m delighted Cumbria Wildlife Trust can begin restoring precious montane habitats on this iconic Lakeland fell which is still close to my heart in so many ways. Our natural world needs a lot of help and it’s visions like this that can make a tremendous difference. Let’s help keep these wild spaces protected for generations to come.”
If you’d like to help secure the future of Skiddaw Forest for nature, please go to www.cumbriawildlifetrust.org.uk/donate/skiddaw or call Cumbria Wildlife Trust on 01539 816300.
Shareholder warning
Update on Share Fraud
We have had an increasing number of reports from shareholders that have received cold calls from overseas-based brokers offering to buy shares for more than they are worth, based on a supposed takeover bid for Aviva. The calls often claim to be from either Acquisition Corporation, Blue Water or EA Acquisitions. We have also received reports from shareholders regarding calls claiming to be from Aviva.
If the shareholder agrees to the sale, they will be asked to sign a non-disclosure agreement and post a bond for thousands of pounds. We are aware that at least one shareholder has been persuaded to send a bond for over three thousand pounds and then discovered that it was a scam.
What you should do -
If you receive any unsolicited investment advice:
- Make sure you get the correct name of the person and organisation and make a record of any other information they give you, e.g. telephone number, address etc.
- Report a scam or unauthorised firm at www.fca.org.uk/scamsmart
- Inform our Registrar, Computershare who will record the details, pass them on to us, and liaise with the FCA.
- If the calls persist, never provide any personal information, simply hang up and then block the number. These calls have not been arranged by either Aviva or our Registrar, Computershare, and are likely to be part of a scam.
Remember: if it sounds too good to be true, it probably is!
Register and feedback
We’ll share more shareholder updates in December 2024. Register to get an email when these are available.
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If you have any feedback or suggestions for our shareholder update, please email aviva.shareholders@aviva.com
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