Trading update – first quarter 2023

Hello everyone. I’m pleased to share our latest trading update with you.

An update that reflects the hard work of all of our people. We can only present these results because of what they do every day. So, a very big thank you to the Aviva team.

It’s been another quarter of great progress for Aviva, demonstrating once again that our strategy, and the diversified business model we have built, is the right one.

We’ve posted excellent trading results this morning, delivering strong growth across key product lines in Insurance, Wealth and Retirement.

Our capital position remains solid. Costs continue to fall and our £300m share buyback is nearing completion.

We remain on track to hit our cost savings target, and we’re confident we’ll beat our cash remittance and OFG targets. This will support our growing dividend, and we anticipate supplementing this with further regular and sustainable capital returns in the future.

We’re fully focused on our four strategic priorities and we’ve continued to make progress against each of them.

Putting customers first is central to our strategy, and we’re continuing to deliver for them.

This includes launching a new restricted advice offering in Succession Wealth, and a new digital direct product in Canada through our RBC partnership.

And we’ve been supporting customers in the UK through short-term financial difficulties, while ensuring their coverage continues.

On growth, it’s been another excellent quarter for Aviva.

We’ve delivered double-digit growth in General Insurance, with strong pricing discipline.

Health and Protection also grew by double digits as customer demand continues.

Wealth net flows remain resilient, with a particularly good performance in Workplace.

In Retirement, BPA volumes were up in the quarter as we wrote the £850m Arcadia scheme.

Aviva Investors delivered positive external net flows. A good result in challenging macro conditions.

On efficiency, costs have come down a further 1% in the quarter as we continue to simplify the business – an impressive performance in an inflationary environment.

And finally, on sustainability, we’re continuing to make a real contribution to communities across the UK. We recently announced a £100m investment in the development of affordable accommodation and university facilities. And our partnership with the Money Advice Trust is helping small businesses significantly reduce their debt.

So, to summarise, we have continued to show very strong, consistent progress throughout the business. Our results today demonstrate, once again, the value in our diversified model. We have grown across our key product lines in Insurance, Wealth & Retirement, and the outlook is positive.

Once again, I want to thank all of my colleagues at Aviva for their hard work so far this year.

Thank you.