Chair's update
Dear Shareholder
It’s a great pleasure to share our first update of 2024.
The publication of our full year results and Annual Report and Accounts earlier this month was a moment to reflect on a successful and productive 2023. We delivered another 12 months of strong financial performance good strategic progress.
It was also a moment to look ahead, we are also increasingly confident that with our clear strategy, our trading momentum and the commitment of our people, Aviva’s prospects are excellent. That confidence is reflected in our new Group targets and upgraded dividend guidance.
Our strong performance means that we have also been able to live up to our other commitments, including investing in our economy and contributing to our communities more widely. Later in this update you can also find out about the Aviva Foundation’s latest work to help people struggling with financial insecurity.
Of course, there is always more to do and always things to improve, but we believe that by continuing to deliver for our 19 million customers, we are living up to our commitments to you: our shareholders. Over the last three years we have, for example, returned £9bn of capital and dividends. I look forward to seeing as many of you as possible at our upcoming AGM in York and thank you all for your continued support of Aviva.
George Culmer - Chair
Financial updates
2023 full year financial results
Amanda Blanc, Group Chief Executive Officer, said:
“We have made significant progress in 2023. Sales are up, costs are down, and operating profit is 9% higher. Our position as the UK’s leading diversified insurer, with major businesses in Canada and Ireland, is clearly delivering.
Today we have raised our total dividend by 8% to 33.4 pence and have now returned more than £9bn in capital and dividends to shareholders over the last three years.”
2023 final dividend
On 7 March 2024 Aviva announced a final dividend for 2023 of 22.3 pence per share payable on 23 May 2024.
2023 Annual Report & Accounts
Amanda Blanc, Group Chief Executive Officer, said:
"Aviva is financially strong. We are trading consistently well. Our prospects have never been better. We have leading businesses in growing markets, a fantastic brand, and we are investing substantially to make service better for our 19m customers. All the ingredients are in place to ensure Aviva continues to deliver an outstanding performance for our customers and our shareholders. I’m certain we will.”
Buyback of ordinary shares
On 7 March 2024, Aviva announced a share buyback programme of ordinary shares for up to a maximum aggregate consideration of £300 million1 the "Programme"), commencing on 8 March 2024.
2024 Annual General Meeting
The 2024 AGM of the Company will be held at York Racecourse, Knavesmire Road, York YO23 1EX, on Thursday 2 May 2024, at 10.30am with facilities to attend electronically.
1. During the Programme, the Broker has discretion to notify Aviva of a reduction in the Programme size due to a decrease in trading liquidity of the Shares. If such notification is received, a further announcement will be made.
2024 provisional financial calendar
| In focus: Health | 24 April 2024 |
| 2024 Annual General Meeting | 2 May 2024 |
| Trading update – first quarter 2024 | 23 May 2024* |
| 2023 final dividend payment date | 23 May 2024 |
| Half year results 2024 | 14 August 2024* |
| 2024 Interim dividend payment date | 17 October 2024* |
| Trading update – third quarter 2024 | 14 November 2024* |
* The dates are provisional and may be subject to change.
Business updates
Aviva to acquire Probitas
On 4 March 2024, Aviva announced the acquisition of Probitas1 for consideration of £242 million2. The transaction includes the acquisition of Probitas’s fully-integrated Lloyd’s platform, encompassing its Corporate Member, Managing Agent, international distribution entities and tenancy rights to Syndicate 1492.
Amanda Blanc, Group Chief Executive Officer of Aviva, said:
“This acquisition is another step in our strategy to invest in Aviva’s future profitable growth. Aviva’s presence in the Lloyd’s market opens up new opportunities to accelerate growth in our capital-light General Insurance business.”
Aviva completes exit from Singlife joint venture
On 18 March 2024, Aviva announced that it has completed the disposal of its shareholding in Singapore Life Holdings Pte Ltd (“Singlife”), together with two debt instruments, for total proceeds of £937m (SGD 1.6 billion).
1. Acquisition of 100% of Probitas Holdings (Bermuda) Limited, including its subsidiaries (“Probitas”).
2. Total consideration of £242m, as at 31 December 2023.
Environment & community updates
Aviva Foundation – 2023 partners
The Aviva Foundation uses funds from unclaimed assets on our shareholder registry for public benefit. Since 2023, the Foundation has focused on helping people become financially secure and over the year, around 2,000 people directly benefited from programmes supported by the Foundation.
The 2023 impact report explores how the Foundation’s partners are making a difference in three ways:
- INNOVATION: developing new approaches that have the potential to transform the financial resilience of those who need it the most.
- INFLUENCE: better understanding what contributes to low financial resilience, where action needs to be taken, and driving change.
- INCLUSION: breaking down the barriers that exclude people from participating in financial services; helping meet day-to-day needs, and planning for the future.
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 June, 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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