Chair's update
Dear Shareholder,
I’m pleased to share another three months of clear progress across all fronts at Aviva.
In this update you can read about our excellent performance in the first nine months of this year. We are delivering consistently strong numbers, right across the business, which highlight the strength of our strategy and the considerable benefits of Aviva’s market leading scale and diversification.
You can also read more about a number of significant bulk purchase annuity deals we have completed this quarter and about our continued leadership in sustainability with the publication of our latest Climate Ready report and our investment in nature restoration firm Nattergal.
Thank you once more for your continued interest in and support for Aviva. I wish you all the best for the festive season.
George Culmer - Chair
Financial updates
Q3 2024 update
Amanda Blanc, Group Chief Executive Officer, said:
“Our third quarter performance has been very strong. Trading continues to be extremely positive right across the business, underlining the strength of our consistent strategy and the significant benefits of Aviva's scale and diversification.
“Quarter after quarter, we are delivering consistently superior results and growing Aviva, particularly in the capital-light businesses. General insurance premiums are up 15%, and wealth net flows of £7.7bn are 21% higher reflecting continued growth in workplace pensions and strong demand from our financial adviser platform business. The bulk purchase annuity market remains very active and we have increased volumes, at good margins and disciplined capital usage, to £6.1bn.
“Aviva is financially strong, trading well each quarter and has significant opportunities for further growth. We are confident about the outlook for the rest of 2024 and beyond, growing the dividend and achieving the Group’s financial targets.”
Business updates
Aviva completes £1.3bn buy-in with RAC (2003) Pension Scheme
On 28 October 2024 we announced the completion of a £1.3 billion bulk purchase annuity full buy-in with The RAC (2003) Pension Scheme. The transaction - completed in August 2024 - secures the benefits for all the scheme’s c19,000 members.
Aviva completes £1.5bn buy-in with Michelin Pension and Life Assurance Plan
On 09 October 2024 we announced the completion of a £1.5 billion bulk purchase annuity full-scheme buy-in with the Michelin Pension and Life Assurance Plan. The transaction, which includes an in-specie transfer of assets, completed in September 2024. It secures the benefits for c15,000 members of the scheme.
Environment and Community updates
Aviva Climate-Ready Index
Aviva and Good Business conceived the Climate-Ready Index to help support the UK in becoming the most climate-ready nation in the G7 and Ireland.
It is designed to capture the reality that various challenges of climate change cannot be overcome separately. Critical efforts to limit emissions and protect and promote biodiversity must go hand in hand with work to adapt to the realities of a hotter planet.
Kathryn Brown, Director of Climate Change and Evidence, The Wildlife Trusts, said:
“Being able to compare the UK to others and draw lessons from experiences of other countries through Aviva’s Climate-Ready Index is incredibly useful. We should all be drawing on best practice to make sure we seize the opportunity for greater economic and social security through an integrated approach to action on climate and nature.”
Discover the index about Aviva Climate-Ready Index
Aviva joins Nattergal as a key institutional investor
Aviva has contributed to one of the largest seed funding rounds in the nature restoration sector by investing in Nattergal. This partnership aligns with Aviva's sustainability goals, particularly in protecting and restoring biodiversity through nature-based solutions. Claudine Blamey, Aviva's Group Sustainability Director, has joined Nattergal's Board as a Board Advisor.
The seed funding round has enabled Nattergal to acquire three sites, including Harold’s Park Wildland in Essex, where nature restoration work has already begun. This collaboration represents an important step towards leveraging private finance to tackle the UK's nature crisis and deliver benefits to local communities, reflecting Aviva's commitment to sustainability and Nattergal's ambition to make nature an investable asset class.
Go to Nattergal website about Aviva joins Nattergal as a key institutional investor
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
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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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