Chair's update
Dear Shareholder
It is encouraging to see that our trading in the first quarter of 2024 continued the strong performance we delivered last year. At our Q1 update in May, we announced double digit growth across our main business lines of insurance, wealth and retirement, highlighting yet again that our strategy is working well and we are executing it effectively.
In May we also held our Annual General Meeting, which for the first time took place in York, a city where we have operated for nearly 250 years and where we employ around 2,000 people. The AGM was a valuable opportunity to update you on how the company is performing and offered you a chance to ask us about the things that matter to you. I would like to thank all those shareholders who attended.
In this update, you can also read about the excellent work of The Aviva Foundation whose work has been focusing on helping people become more financially secure alongside other initiatives such as work on mental health.
Our company purpose - with you today for a better tomorrow – has never felt more relevant. It’s a simple message but when delivered with the commitment and the skill our people possess, it creates the kind of financial consistency and success that we are now delivering on a regular basis.
Thank you for your continued support for what we are building at Aviva.
George Culmer - Chair
Financial updates
2024 Q1 Results
Amanda Blanc, Group Chief Executive Officer, said:
“This is another set of excellent results, extending our track record of consistently strong trading. Our diversified business model is continuing to deliver, and we are growing right across the Group.
“We accelerated new business sales in our capital-light businesses: General Insurance premiums increased 16% to £2.7bn and our workplace pensions business generated net flows of £2bn as we won 136 new schemes. The bulk purchase annuity market also continues to be active, with Retirement sales up 13%.
“Aviva is in great health. We are financially strong, we are trading well, and our investments in new products and customer service are paying off. We have clear competitive advantages - in our brand, our scale, and our diverse business - which are driving consistently strong performance, and giving us real optimism about 2024.”
Dividend update
Our 2023 final dividend of 22.3 pence per share was paid on 23 May 2024.
2024 Annual General Meeting
The 2024 AGM of the Company was held at York Racecourse, Knavesmire Road, York YO23 1EX, on Thursday 2 May 2024, at 10.30am with facilities to attend electronically.
You can find recordings of the Chair and Group CEO's speeches as well as the Business of the Meeting here.
Business updates
Director changes
Cheryl Agius
On 22 May 2024 we announced the appointment of Cheryl Agius as a Non-Executive Director on 21 May 2024.
T. Neil Morrison
On 18 June 2024 we announced the appointment of Thomas Neil Morrison as a Non-Executive Director on 17 June 2024.
Acquisition of AIG Life Limited
On 9 April 2024 we announced the completion of the acquisition of AIG Life Limited (“AIG Life UK”) from Corebridge Financial, Inc, a quoted subsidiary of American International Group, Inc (“AIG”), for consideration of £453m.
Aviva Foundation update
The Aviva Foundation recently announced five new partnerships with charities that are exploring new ways to build the financial resilience of those who need it the most. You can read more about the partnerships on the Foundation’s website. A couple of highlights are provided below:
Mental Health Innovations:
The mission of Mental Health Innovations (MHI) is to improve the mental health of the UK population through the use of technology. Their pioneering service 'Shout' is the UK’s only free, 24/7, confidential text service for anyone who is struggling to cope.
With the Foundation’s support, MHI is strengthening their response to supporting people experiencing mental health and financial challenges. This partnership recognises that, without understanding and supporting the root causes of both money and mental health challenges, the impact of tackling one without the other, may be limited.
Together with PayPlan, MHI will help individuals in financial distress access immediate mental health support, while signposting to relevant services those suffering with poor mental health due to financial issues to relevant services. Research will inform a campaign to help people improve their financial wellbeing, as well as influencing the future activities and strategies of different stakeholders with a responsibility for supporting the mental and financial wellbeing of those who need it the most.
“We are incredibly grateful to Aviva Foundation for their support, which means that we will be able to strengthen our response to supporting people experiencing mental health challenges due to financial issues. Every day, around 50 people reach out to our free, confidential text message service ‘Shout’ for support due to money worries, and we know that there are many more people across the UK who are struggling and in need of help. We will be undertaking research to understand more about the relationship between financial wellbeing and mental health and launching a campaign to provide support to those who need it, during the cost-of-living crisis."
Victoria Hornby, OBE, CEO of Mental Health Innovations
Surviving Economic Abuse
SEA is the only UK charity dedicated to raising awareness of economic abuse and transforming responses to it.
With the Foundation’s support, they are working with partners in two locations (Brighton and Hove, and Leicester, Leicestershire and Rutland) to develop a model of ‘economic advocacy’ as part of the ‘coordinated community response’ to domestic abuse. Economic advocacy can include access to flee funds, grants, benefits, debt advice and housing. It can also include supporting victim-survivors to develop their financial capability and to access employment, so that they can gain or regain financial stability and build an independent life.
This project aims to ensure that local services work together to help victim-survivors of economic abuse to (re)build financial resilience. At present, many services prioritise immediate physical safety, yet do not recognise and respond to the harm of economic abuse which can often prevent a victim-survivor from safely leaving the abuser or force them to return.
Over two years, the project plans to support approximately 1,750 cases where economic abuse is identified. Lessons learned from this work will be used to influence the policies and practices of organisations that play a role in supporting victim-survivors.
"We’re delighted that the Aviva Foundation has committed to funding the Compass Project for two years. Together with RISE and Living Without Abuse, this funding will allow us to make sure local services can better meet the multiple and complex needs of victim-survivors of economic abuse. We’re also creating a model of economic advocacy which will ensure local services can help survivors not just escape an abuser but rebuild their economic safety and stability after abuse.”
Sonu Masania, Head of Specialist Team and Survivor Engagement, Surviving Economic Abuse
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
We’ll share more shareholder updates in September and December 2024. Register to get an email when these are available.
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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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