Aviva Newsroom - 2 April 2012

Aviva plc preliminary results for the year ended 31 December 2011

Good progress – beating operating targets

08 March, 2012

Strong operating performance – beating our targets

  • Operating profit of £2.5 billion, up 6% on a continuing basis*
  • £2.1 billion operating capital generation (FY 2010: £1.7 billion)
  • New business internal rate of return increased to 14.4% (FY 2010: 13.3%)
  • Group combined operating ratio improved to 96.8% (FY 2010: 97.1%)
  • Full year dividend of 26 pence (FY 2010: 25.5 pence)

Profitable growth in life insurance

  • Life insurance operating profit up 7% to £2.1 billion (FY 2010: £2.0 billion)
  • Long term savings sales of £31.4 billion, 6% lower (FY 2010: £33.6 billion) 
  • UK life and pension profits up 8% to £920 million (FY 2010: £850 million)

Underwriting excellence driving profitable growth in general insurance

  • General insurance operating profit up 3% to £935 million (FY 2010: £904 million)
  • General insurance & health net written premiums up 8% to £9.2 billion (FY 2010: £8.5 billion) 
  • UK general insurance and health profit up 7% to £520 million (FY 2010: £488 million)

Resilience in volatile markets

  • Profit before tax of £87 million (FY 2010: £2.4 billion) was mainly impacted by adverse unrealised investment variances
  • IFRS NAV resilient at 435p (FY 2010: 454p)
  • Estimated IGD surplus of £3.3 billion at 29 February 2012 (31 December 2011: £2.2 billion)

* Operating profit on a continuing basis, excluding Delta Lloyd, was £2.1 billion (FY 2010: £2.0 billion).

Andrew Moss, group chief executive, commented:
“We delivered a strong operating performance in 2011. Despite challenging market conditions we have beaten all our operating targets. We have made good strategic progress, focusing on markets where we will grow and earn higher returns.

“Aviva continues to perform well, even in tough times. We made great progress in the UK, growing profits and market share and we increased operating profits in Europe.

“Looking to 2012, we have increased our operating targets underlining our confidence in Aviva’s continued success.”

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 About Aviva plc
Aviva provides 43 million customers1 with insurance, savings and investment products.

We are the UK’s largest insurer and one of Europe’s leading providers of life and general insurance1 .

We combine strong life insurance, general insurance and asset management businesses under one powerful brand.

We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.

1 Source: Aviva plc Annual Report and Accounts 2011

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