Today Aviva will participate in the annual Morgan Stanley Financial Services Conference, which for the first time, is being held virtually. Our Chief Financial Officer, Jason Windsor, will discuss our 2019 results, and provide an update on our capital position in light of the impact of COVID-19 and recent volatility in financial markets.
Aviva remains well capitalised, near the top of its working range. Based on the closing market position on 13 March 2020, our Solvency cover ratio is estimated at approximately 175%, after allowing for payment of our proposed final dividend (c.7 percentage points). The estimate does not allow for any increase in insurance claims or changes in experience or assumptions that may arise from COVID-19. We have expanded our hedging and ALM activity on equities, interest rates and credit spreads. As disclosed at our recent full year results, our centre cash position at the end of February was £2.4 billion.
It remains too early to quantify the potential impact on our financial performance arising from COVID-19. The effect on our financial results will depend on a range of factors, including the extent and duration of the period of disruption and the impact on the global economy. At this point, we remain focused on supporting our customers and colleagues while maintaining our financial and operational resilience.
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Notes to editors:
- For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/
- Aviva is a leading international savings, retirement and insurance business. We exist to be with people when it really matters, throughout their lives – to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’.
- Our vision is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.
- We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our International businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.
- Total group assets under management at Aviva group are £522 billion and our Solvency II capital surplus is £12.0 billion (HY20). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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- We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.