Aviva plc 2003 Preliminary Results
Richard Harvey, group chief executive, commented:
“These are strong results. Our distribution partnerships in Europe have made a significant contribution to our life results. Once again, our general insurance business has shown that its scale and focused approach can deliver excellent and sustainable results.
“We’ve driven improvement in our life business margins through pricing and expense control. We’ve also made operational improvements and reduced costs across the Group in a very competitive market.
“Aviva is fit for the future with a strong capital position. We welcome the new UK realistic reporting regime and are well-prepared for it.
“Investment markets are showing signs of recovery and some consumer confidence is returning. We believe Aviva is the best-placed life company in Europe to capture the market upturn, gaining competitive advantage from our extensive distribution networks, strong market positions and financial strength.”
- Strong performance in both long-term savings and general insurance businesses
- Robust life results: good sales growth in Continental Europe; signs of confidence returning to UK market; margins up to 26.1%
- Significant growth from bancassurance: sales up 27%; now accounts for 25% of new life and pensions sales; average margins 39.7%
- Excellent and sustainable general insurance results with new group combined operating ratio target of 100% for next three years
- Strong capital position and well-prepared for new UK realistic reporting regime
Enquiries:
| Richard Harvey | Group chief executive | +44 (0)20 7662 2286 |
| Philip Twyman | Group executive director | +44 (0)20 7662 2679 |
| Analysts: | ||
| Steve Riley | Investor relations director | +44 (0)20 7662 8115 |
| James Matthews | Head of investor relations | +44 (0)20 7662 2137 |
| Media: | ||
| Hayley Stimpson | Director of external affairs | +44 (0)20 7662 7544 |
| Sue Winston | Head of group media relations | +44 (0)20 7662 8221 |
| Alex Child-Villiers | Financial Dynamics | +44 (0)20 7269 7107 |
Download the full preliminary results announcement in Adobe PDF (357KB)