Aviva plc 2002 Interim Results
Richard Harvey, Group Chief Executive, commented:
“This is a solid set of results in the current market environment. Although investment markets continue to be turbulent, these results reflect the fact that Aviva is a financially strong company, with resilient and well-diversified businesses.
“The combination of our strong long-term savings operations and robust general insurance business distinguishes us. The current environment presents a challenge to many of our businesses in the short term. However the longer-term dynamics for our business remain unaltered. We have built our long-term savings businesses so that they are well-placed with their multi-distribution channels and broad range of products to meet the needs of our customers.”
Aviva reports operating profit* of £979 million (2001: £977 million) for the six months to 30 June 2002. On a modified statutory basis, operating profit was £757 million (2001: £728 million)
DELIVERING PROFITABLE NEW BUSINESS GROWTH
- Worldwide new business sales of £7.3 billion (2001: £7.1 billion)
- Worldwide life and pension sales on an APE basis of £1.2 billion (2001: £1.1 billion), up 11%
- New business contribution up 6% to £289 million with margins at 24.0%; margins in the discrete second quarter were 25.2% due to business mix
- Bancassurance sales doubled with total sales of £1.3 billion (2001: £0.6 billion)
EXCELLENT GENERAL INSURANCE RESULT
- Worldwide general insurance business delivers combined operating ratio of 101% (2001: 103%)
- General insurance operating profit up 13% to £480 million (2001: £427 million)
STRONG CAPITAL POSITION
- Equity shareholders’ funds of £11.3 billion (31 December 2001: £11.6 billion, restated)
- Net asset value at 511 pence per share (31 December 2001: 524 pence, restated)
- Orphan estate stands at £4.7 billion and the free asset ratio*** of the UK Life funds is 14.1%, at 30 June 2002
- Interim dividend of 8.75 pence net per share
* From continuing operations including life achieved operating profit before amortisation of goodwill and exceptional items.
** Annual premium equivalent (APE) is the UK industry’s standard measure of new regular premiums and 10% of single premiums.
*** Calculated in accordance with FSA guidance existing at 30 June 2002
All growth rates quoted are at constant rates of exchange.
| Enquiries: | ||
| Richard Harvey | Group Chief Executive | Tel: +44 (0)20 7662 2286 |
| Mike Biggs | Group Finance Director | Tel: +44 (0)20 7662 2031 |
| Analysts: | ||
| Steve Riley | Investor Relations Director | Tel: +44 (0)20 7662 8115 |
| James Matthews | Head of Investor Relations | Tel: +44 (0)20 7662 2137 |
| Media: | ||
| Hayley Stimpson | Director of External Affairs | Tel: +44 (0)20 7662 7544 |
| Ian Frater | Head of Group Media Relations | Tel: +44 (0)20 7662 8221 |
| Alex Child-Villiers | Financial Dynamics | Tel: +44 (0)20 7269 7107 |
Download the full results announcement in Adobe PDF 301KB.