2018 interim results announcement

Published: 02 Aug 2018

In the first half of 2018, Aviva has continued to deliver attractive growth from its major businesses.

Aviva has grown operating earnings per share by 4% and increased the dividend by 10%.

The 10% increase in the interim dividend is our fourth consecutive half-year of double digit dividend growth and further proof of Aviva’s progress. 

During these choppy market conditions, it is reassuring that Aviva’s results are consistent, dependable and growing.

Aviva remains financially strong with a capital surplus of £11 billion.  In the first half of 2018, we started a £600 million share buy-back and paid off €500 million of expensive debt.

We remain on track to achieve our financial targets.

Mark Wilson, Group Chief Executive Officer

Profit

  • Operating EPS up 4% to 26.8 pence (HY17: 25.8 pence)
  • Operating profit‡,#,1 down 2% to £1,438 million (HY17: £1,465 million). Excluding disposals, operating profit rose 4% to £1,421 million (HY17: £1,365 million)
  • IFRS profit after tax £376 million (HY17: £716 million) 

Dividend

  • Interim dividend per share up 10% to 9.25 pence (HY17: 8.40 pence)

Capital

  • Solvency II capital surplus2 £11.0 billion (2017: £12.2 billion), including £1.8 billion of distributions to investors.
  • Solvency II cover ratio‡,2 187% (2017: 198%)
  • Operating capital generation# £0.9 billion (HY17: £1.1 billion)
  • IFRS net asset value per share 411 pence (2017: 423 pence)

Cash

  • Cash remittances‡,# £1,493 million (HY17: £1,170 million)
  • UK Insurance special remittance £500 million. Cumulative special remittances from UK Insurance since 2016 totalled £1.25 billion, ahead of £1 billion target.
  • Holding company liquidity £1.43 billion (February 2018: £2.0 billion)

Watch a short video of Mark Wilson talking about Aviva's results:

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Transcript 

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Download the full announcement PDF (2.3MB)

Download the results presentation PDF (0.55MB)

‡ Denotes Alternative Performance Measures (APMs) which are key performance indicators of the Group used to measure our performance and financial strength. 
# Denotes key performance indicators which are used by the Group to determine or modify remuneration. 
1 All references throughout this report to ‘Operating profit’ represent ‘Group adjusted operating profit’, an APM which is not bound by the requirements of IFRS. 
2 The estimated Solvency II position represents the shareholder view as defined in section 8.i of the Analyst Pack.
3 Stated as at July 2018 but excluding amounts set aside to meet the remainder of our ordinary share repurchase programme.

Contacts

Investor contacts

Chris Esson
+44 (0)20 7662 8115

Diane Michelberger
+44 (0)20 7662 0911

Helen Driver
+44 (0)20 7662 3070

Media contacts

Nigel Prideaux
+44 (0)20 7662 0215

Andrew Reid
+44 (0)20 7662 3131

Sarah Swailes
+44 (0)20 7662 6700

Timings

Presentation slides: 07:00 hrs BST
www.aviva.com/results-presentations-reports

Real time media conference call: 07:45 hrs BST

Analyst presentation: 08:45 hrs BST

Live webcast: 08:45hrs BST
Watch the webcast

Download the full announcement PDF (2.3MB)