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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aviva Plc Subordinated Capital Securities Due 2041 | NYSE:AVV.CL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.49 | 0 | 01:00:00 |
|
In this section
|
Page
|
Overview
|
|
Key financial metrics
|
2
|
|
|
1 Cash and operating capital generation
|
3
|
i Cash remitted to Group
|
3
|
ii Operating capital generation: Solvency II basis
|
3
|
|
|
2 Operating Profit: IFRS basis
|
4
|
|
|
3 Expenses
|
5
|
|
|
4 Value of new business
|
6
|
|
|
5 General insurance combined operating ratio
|
7
|
|
|
6 Business unit performance
|
8
|
i United Kingdom and Ireland Life
|
8
|
ii United Kingdom and Ireland General Insurance & Health
|
9
|
iii Europe
|
10
|
iv Canada
|
12
|
v Asia
|
13
|
vi Fund management
|
14
|
|
|
7 Profit drivers
|
15
|
i Life business: IFRS basis
|
15
|
ii General insurance and health: IFRS basis
|
18
|
iii Fund flows
|
21
|
|
|
8 Capital & assets summary
|
22
|
i Summary of assets
|
22
|
ii Net asset value
|
24
|
iii Return on equity
|
25
|
iv Solvency II
|
26
|
|
|
Financial supplement
|
29
|
A Income & expenses
|
30
|
B IFRS financial statements and notes
|
35
|
C Capital & liquidity
|
83
|
D Analysis of assets
|
87
|
E VNB & sales analysis
|
103
|
|
|
Other information
|
113
|
|
|
|
|
6
months
2016 £bn |
United Kingdom & Ireland Life
|
0.7
|
United Kingdom & Ireland General Insurance & Health
|
0.1
|
Europe
|
0.6
|
Canada
|
0.1
|
Asia and Other
|
(0.3)
|
Total
|
1.2
|
|
6
months
2016 £m |
6
months
2015 £m |
Sterling
% change |
Life business
|
1,226
|
1,021
|
20%
|
General insurance and health
|
334
|
422
|
(21)%
|
Fund management
|
49
|
33
|
48%
|
Other*
|
(284)
|
(306)
|
7%
|
Total
1
|
1,325
|
1,170
|
13%
|
|
|
|
|
Operating earnings per share
1
**
|
22.4p
|
22.1p
|
1%
|
|
6 months
2016 £m |
6 months
2015 £m |
Sterling
% change |
Operating expenses
|
1,696
|
1,498
|
13%
|
Integration & restructuring costs
|
105
|
172
|
(39)%
|
Expense base
|
1,801
|
1,670
|
8%
|
|
|
|
|
Operating expense ratio
|
53.4%
|
52.8%
|
0.6pp
|
|
6 months
2016 £m |
6 months
2015 £m |
Sterling
% change
2
|
Constant currency
% change
2
|
United Kingdom & Ireland
|
280
|
260
|
8%
|
8%
|
France
|
103
|
98
|
6%
|
(1)%
|
Poland
3
|
27
|
30
|
(9)%
|
(11)%
|
Italy
|
71
|
39
|
82%
|
71%
|
Spain
|
16
|
13
|
29%
|
22%
|
Turkey
|
12
|
12
|
(6)%
|
-
|
Asia
|
61
|
76
|
(20)%
|
(23)%
|
Aviva Investors
|
13
|
6
|
106%
|
106%
|
Value of new business
|
583
|
534
|
9%
|
7%
|
|
6 months 2016
|
6 months 2015
|
Change
|
United Kingdom & Ireland
|
95.4%
|
93.2%
|
2.2pp
|
Europe
|
96.7%
|
94.3%
|
2.4pp
|
Canada
|
95.8%
|
91.9%
|
3.9pp
|
General insurance combined operating ratio
|
96.2%
|
93.1%
|
3.1pp
|
|
6 months
2016 £m |
6 months
2015 £m |
Sterling
% change |
IFRS profit after tax
1
|
201
|
545
|
(63)%
|
Basic earnings per share
1
|
2.5p
|
12.8p
|
(80)%
|
|
6 months 2016
|
6 months 2015
|
Sterling
% change |
Interim dividend per share
|
7.42p
|
6.75p
|
10%
|
|
30 June
2016 |
31 December
2015 |
Sterling
% change |
Estimated Solvency II cover ratio
4,5
|
174%
|
180%
|
(6.0)pp
|
Estimated Solvency II surplus
5
|
£9.5bn
|
£9.7bn
|
(2)%
|
IFRS net asset value per share (restated)
6
|
412p
|
390p
|
6%
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
United Kingdom & Ireland Life
|
577
|
287
|
667
|
United Kingdom & Ireland General Insurance & Health
1
|
-
|
-
|
358
|
France
|
22
|
98
|
252
|
Poland
|
136
|
81
|
81
|
Italy
|
-
|
-
|
45
|
Spain
|
8
|
3
|
49
|
Other Europe
|
3
|
4
|
4
|
Europe
|
169
|
186
|
431
|
Canada
2
|
4
|
2
|
6
|
Asia
|
-
|
-
|
21
|
Other
3
|
2
|
20
|
24
|
Total
4
|
752
|
495
|
1,507
|
|
6 months
2016 £bn |
United Kingdom & Ireland Life
|
0.7
|
United Kingdom & Ireland General Insurance & Health
|
0.1
|
Europe
|
0.6
|
Canada
|
0.1
|
Asia and Other
1
|
(0.3)
|
Total Group SII operating capital generation
2
|
1.2
|
|
|
|
6 months
2016 £m |
6 months
2015 £m |
United Kingdom & Ireland Life
|
439
|
369
|
United Kingdom & Ireland General Insurance & Health
|
372
|
364
|
Europe
|
318
|
267
|
Canada
|
167
|
158
|
Asia
|
88
|
65
|
Aviva Investors
|
192
|
169
|
Other Group activities
|
120
|
106
|
Operating cost base
|
1,696
|
1,498
|
Integration & restructuring costs
3
|
105
|
172
|
Expense base
|
1,801
|
1,670
|
|
6 months
2016 £m |
6 months
2015 £m |
Claims handling costs
1
|
139
|
170
|
Non-commission acquisition costs
2
|
423
|
480
|
Other expenses
3
|
1,134
|
848
|
Operating cost base
|
1,696
|
1,498
|
|
|
|
|
6 months
2015 |
|
Life
1
|
35.5%
|
33.9%
|
General insurance
2
|
13.8%
|
14.1%
|
Health
2
|
13.3%
|
12.3%
|
Fund management
3
|
13bps
|
13bps
|
Group total
4
|
53.4%
|
52.8%
|
|
Gross of tax and non-controlling interests
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
United Kingdom
|
269
|
253
|
609
|
Ireland
|
11
|
7
|
16
|
United Kingdom & Ireland
|
280
|
260
|
625
|
France
|
103
|
98
|
198
|
Poland
|
27
|
30
|
65
|
Italy
|
71
|
39
|
79
|
Spain
|
16
|
13
|
31
|
Turkey
|
12
|
12
|
27
|
Europe
|
229
|
192
|
400
|
Asia
|
61
|
76
|
151
|
Aviva Investors
|
13
|
6
|
16
|
Total value of new business
|
583
|
534
|
1,192
|
6 months 2016
|
UK & Ireland £m
|
Europe
£m |
Asia
£m |
Aviva Investors
£m |
Group
£m |
MCEV VNB (gross of tax and non-controlling interests)
|
280
|
229
|
61
|
13
|
583
|
Remove MCEV CNHR/frictional costs
4
|
30
|
34
|
14
|
-
|
78
|
Include Solvency II risk margin
|
(111)
|
(66)
|
(23)
|
(1)
|
(201)
|
Total risk adjustments
|
(81)
|
(32)
|
(9)
|
(1)
|
(123)
|
Difference in economic assumptions
|
6
|
(9)
|
(9)
|
-
|
(12)
|
Adjusted Solvency II VNB (gross of tax and non-controlling interests)
|
205
|
188
|
43
|
12
|
448
|
|
|
Net written premiums
|
Claims ratio
4
|
Commission and expense ratio
5
|
Combined operating ratio
6
|
||||||||
|
6 months
2015 £m |
Full Year
2015 £m |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
|
United Kingdom
2,3
|
2,001
|
1,851
|
3,685
|
60.5
|
62.0
|
64.7
|
35.4
|
31.2
|
30.4
|
95.9
|
93.2
|
95.1
|
Ireland
|
179
|
134
|
282
|
62.3
|
65.5
|
67.9
|
27.7
|
28.0
|
26.7
|
90.0
|
93.5
|
94.6
|
United Kingdom & Ireland
|
2,180
|
1,985
|
3,967
|
60.6
|
62.2
|
64.9
|
34.8
|
31.0
|
30.1
|
95.4
|
93.2
|
95.0
|
Europe
|
757
|
674
|
1,200
|
68.5
|
67.4
|
66.2
|
28.2
|
26.9
|
29.2
|
96.7
|
94.3
|
95.4
|
Canada
|
1,049
|
1,013
|
1,992
|
64.6
|
60.9
|
63.3
|
31.2
|
31.0
|
30.5
|
95.8
|
91.9
|
93.8
|
Asia
|
5
|
6
|
12
|
66.9
|
71.6
|
62.6
|
43.8
|
39.3
|
39.0
|
110.7
|
110.9
|
101.6
|
Total
3, 7
|
3,991
|
3,678
|
7,171
|
63.5
|
62.8
|
64.5
|
32.7
|
30.3
|
30.1
|
96.2
|
93.1
|
94.6
|
|
UK & Ireland
|
Europe
|
Canada
|
Total
|
||||
|
6 months
2016 % |
6 months
2015 % |
6 months
2016 % |
6 months
2015 % |
6 months
2016 % |
6 months
2015 % |
6 months
2016 % |
6 months
2015 % |
Underlying claims ratio
1
|
64.5
|
66.2
|
66.5
|
70.4
|
67.5
|
66.7
|
65.7
|
67.0
|
Prior year reserve strengthening/(release)
2
|
(1.5)
|
(0.5)
|
(0.7)
|
(1.5)
|
(3.8)
|
(5.8)
|
(1.6)
|
(2.1)
|
Weather over/(under) long term average
3
|
(2.4)
|
(3.5)
|
2.7
|
(1.5)
|
0.9
|
-
|
(0.6)
|
(2.1)
|
Claims ratio
|
60.6
|
62.2
|
68.5
|
67.4
|
64.6
|
60.9
|
63.5
|
62.8
|
Commission and expense ratio
4
|
34.8
|
31.0
|
28.2
|
26.9
|
31.2
|
31.0
|
32.7
|
30.3
|
Combined operating ratio
|
95.4
|
93.2
|
96.7
|
94.3
|
95.8
|
91.9
|
96.2
|
93.1
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Cash remitted to Group
|
577
|
287
|
667
|
Life operating profit: IFRS basis (restated)
1
|
711
|
569
|
1,455
|
Expenses
|
|
|
|
Operating expenses
|
439
|
369
|
815
|
Integration and restructuring costs
|
61
|
86
|
215
|
|
500
|
455
|
1,030
|
Value of new business
|
280
|
260
|
625
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Cash remitted to Group
1
|
-
|
-
|
358
|
General insurance & health operating profit: IFRS basis
2
|
231
|
239
|
430
|
Expenses
|
|
|
|
Operating expenses
|
372
|
364
|
697
|
Integration and restructuring costs
|
8
|
13
|
26
|
|
380
|
377
|
723
|
Combined operating ratio
2,3
|
95.4%
|
93.2%
|
95.0%
|
|
Claims ratio
|
Commission and expense ratio
|
Combined operating ratio
|
||||||
United Kingdom & Ireland
|
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
Personal
|
60.2
|
65.7
|
65.8
|
36.6
|
30.0
|
28.8
|
96.8
|
95.7
|
94.6
|
Commercial
|
61.2
|
57.1
|
63.6
|
32.3
|
32.4
|
32.1
|
93.5
|
89.5
|
95.7
|
Total
|
60.6
|
62.2
|
64.9
|
34.8
|
31.0
|
30.1
|
95.4
|
93.2
|
95.0
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Cash remitted to Group
|
169
|
186
|
431
|
Operating profit: IFRS basis
|
|
|
|
Life
|
395
|
372
|
766
|
General insurance & health
|
35
|
59
|
114
|
|
430
|
431
|
880
|
Expenses
|
|
|
|
Operating expenses
|
318
|
267
|
526
|
Integration and restructuring costs
|
5
|
10
|
22
|
|
323
|
277
|
548
|
Value of new business
|
229
|
192
|
400
|
Combined operating ratio
2
|
96.7%
|
94.3%
|
95.4%
|
|
|
Claims ratio
|
Commission and expense ratio
|
Combined operating ratio
|
||||||
Europe
|
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
France
|
70.9
|
69.2
|
67.8
|
26.6
|
25.2
|
27.9
|
97.5
|
94.4
|
95.7
|
Poland
|
60.4
|
55.9
|
54.4
|
36.6
|
38.8
|
40.3
|
97.0
|
94.7
|
94.7
|
Italy
|
64.0
|
64.8
|
64.1
|
30.8
|
29.3
|
30.2
|
94.8
|
94.1
|
94.3
|
Total
|
68.5
|
67.4
|
66.2
|
28.2
|
26.9
|
29.2
|
96.7
|
94.3
|
95.4
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Cash remitted to Group
|
4
|
2
|
6
|
General Insurance operating profit: IFRS basis
|
88
|
131
|
214
|
Expenses
|
|
|
|
Operating expenses
|
167
|
158
|
298
|
Integration and restructuring costs
|
3
|
2
|
7
|
|
170
|
160
|
305
|
Combined operating ratio
|
95.8%
|
91.9%
|
93.8%
|
|
Claims ratio
|
Commission and expense ratio
|
Combined operating ratio
|
||||||
Canada
|
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
Personal
|
68.3
|
65.2
|
66.8
|
28.7
|
28.4
|
27.8
|
97.0
|
93.6
|
94.6
|
Commercial
|
58.1
|
53.4
|
57.1
|
35.9
|
35.8
|
35.4
|
94.0
|
89.2
|
92.5
|
Total
|
64.6
|
60.9
|
63.3
|
31.2
|
31.0
|
30.5
|
95.8
|
91.9
|
93.8
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Cash remitted to Group
|
-
|
-
|
21
|
Operating profit: IFRS basis
|
|
|
|
Life
|
118
|
79
|
244
|
General insurance & health
|
(6)
|
(4)
|
(6)
|
|
112
|
75
|
238
|
Expenses
|
|
|
|
Operating expenses
|
88
|
65
|
141
|
Integration and restructuring costs
|
8
|
-
|
7
|
|
96
|
65
|
148
|
Value of new business
|
61
|
76
|
151
|
Combined operating ratio
1
|
110.7%
|
110.9%
|
101.6%
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Cash remitted to Group
1
|
2
|
20
|
24
|
Fund management operating profit: IFRS basis
|
|
|
|
Aviva Investors
|
49
|
32
|
105
|
Asia
|
-
|
1
|
1
|
|
49
|
33
|
106
|
Aviva Investors: Operating profit: IFRS basis
|
|
|
|
Fund management
|
49
|
32
|
105
|
Other operations
|
20
|
-
|
-
|
|
69
|
32
|
105
|
Expenses
1
|
|
|
|
Operating expenses
|
192
|
169
|
345
|
Integration and restructuring costs
|
10
|
2
|
11
|
|
202
|
171
|
356
|
Value of new business
1
|
13
|
6
|
16
|
|
Internal
£m |
External
£m |
Total
£m |
Aviva Investors
|
|
|
|
Funds under management at 1 January 2016
|
246,174
|
43,736
|
289,910
|
Gross Sales
|
20,531
|
4,037
|
24,568
|
Gross claims/redemptions
|
(19,429)
|
(3,393)
|
(22,822)
|
Market movements and other
2
|
17,233
|
8,215
|
25,448
|
Acquisitions
|
1,500
|
-
|
1,500
|
Funds under management at 30 June 2016
|
266,009
|
52,595
|
318,604
|
|
|
United Kingdom & Ireland
|
|
|
Europe
|
|
|
Asia
|
|
|
Total
|
||
|
6 months
2016 £m |
6 months
2015 £m |
Restated
1
Full Year
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
Restated
1
Full Year
2015 £m |
New business income
2
|
316
|
251
|
708
|
130
|
102
|
228
|
74
|
73
|
152
|
520
|
426
|
1,088
|
Underwriting margin
3
|
158
|
103
|
279
|
115
|
109
|
208
|
37
|
35
|
82
|
310
|
247
|
569
|
Investment return
4
|
677
|
547
|
1,208
|
545
|
494
|
989
|
62
|
31
|
90
|
1,284
|
1,072
|
2,287
|
Total Income
|
1,151
|
901
|
2,195
|
790
|
705
|
1,425
|
173
|
139
|
324
|
2,114
|
1,745
|
3,944
|
Acquisition expenses
5
|
(210)
|
(188)
|
(405)
|
(144)
|
(116)
|
(243)
|
(68)
|
(63)
|
(127)
|
(422)
|
(367)
|
(775)
|
Administration expenses
6
|
(332)
|
(253)
|
(584)
|
(258)
|
(226)
|
(434)
|
(47)
|
(28)
|
(73)
|
(637)
|
(507)
|
(1,091)
|
Total Expenses
|
(542)
|
(441)
|
(989)
|
(402)
|
(342)
|
(677)
|
(115)
|
(91)
|
(200)
|
(1,059)
|
(874)
|
(1,866)
|
DAC and other
|
102
|
109
|
249
|
7
|
9
|
18
|
60
|
31
|
120
|
169
|
149
|
387
|
|
711
|
569
|
1,455
|
395
|
372
|
766
|
118
|
79
|
244
|
1,224
|
1,020
|
2,465
|
Other business
7
|
|
|
|
|
|
|
|
|
|
2
|
1
|
(23)
|
Total
|
|
|
|
|
|
|
|
|
|
1,226
|
1,021
|
2,442
|
|
United Kingdom & Ireland
|
|
Europe
|
|
Asia
|
|
Total
|
|
|
6 months
2016 £m |
6 months
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
New business income (£m)
|
316
|
251
|
130
|
102
|
74
|
73
|
520
|
426
|
APE (£m)
1
|
1,194
|
894
|
617
|
498
|
120
|
192
|
1,931
|
1,584
|
As margin on APE (%)
|
26%
|
28%
|
21%
|
20%
|
62%
|
38%
|
27%
|
27%
|
Underwriting margin (£m)
|
158
|
103
|
115
|
109
|
37
|
35
|
310
|
247
|
Analysed by:
|
|
|
|
|
|
|
|
|
Expenses
|
31
|
27
|
28
|
25
|
23
|
19
|
82
|
71
|
Mortality and longevity
|
135
|
76
|
82
|
73
|
12
|
13
|
229
|
162
|
Persistency
|
(8)
|
-
|
5
|
11
|
2
|
3
|
(1)
|
14
|
|
|
United Kingdom & Ireland
|
|
Europe
|
|
Asia
|
|
Total
|
|
|
6 months
2016 £m |
Restated
1
6 months
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
6 months
2016 £m |
Restated
1
6 months
2015 £m |
Unit-linked margin
2
(£m)
|
429
|
353
|
236
|
225
|
52
|
26
|
717
|
604
|
As Annual management charge on average reserves (bps)
|
80
|
90
|
146
|
144
|
127
|
108
|
97
|
105
|
Average reserves (£bn)
|
107.2
|
78.7
|
32.4
|
31.2
|
8.2
|
4.8
|
147.8
|
114.7
|
Participating business
3
(£m)
|
79
|
58
|
258
|
222
|
(5)
|
(7)
|
332
|
273
|
As bonus on average reserves (bps)
|
30
|
26
|
83
|
79
|
n/a
|
n/a
|
57
|
53
|
Average reserves (£bn)
|
51.9
|
44.9
|
62.2
|
56.1
|
3.3
|
2.5
|
117.4
|
103.5
|
Spread margin
4
(£m)
|
135
|
105
|
3
|
4
|
8
|
6
|
146
|
115
|
As spread margin on average reserves (bps)
|
44
|
41
|
19
|
25
|
145
|
133
|
44
|
41
|
Average reserves (£bn)
|
61.4
|
51.6
|
3.2
|
3.2
|
1.1
|
0.9
|
65.7
|
55.7
|
Expected return on shareholder assets
5
(£m)
|
34
|
31
|
48
|
43
|
7
|
6
|
89
|
80
|
Total (£m)
|
677
|
547
|
545
|
494
|
62
|
31
|
1,284
|
1,072
|
|
|
United Kingdom & Ireland
|
|
Europe
|
|
Asia
|
|
Total
|
|
|
6 months
2016 £m |
Restated
1
6 months
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
6 months
2016 £m |
6 months
2015 £m |
6 months
2016 £m |
Restated
1
6 months
2015 £m |
Acquisition expenses (£m)
|
(210)
|
(188)
|
(144)
|
(116)
|
(68)
|
(63)
|
(422)
|
(367)
|
APE (£m)
2
|
1,194
|
894
|
617
|
498
|
120
|
192
|
1,931
|
1,584
|
As acquisition expense ratio on APE (%)
|
18%
|
21%
|
23%
|
23%
|
57%
|
33%
|
22%
|
23%
|
Administration expenses (£m)
|
(332)
|
(253)
|
(258)
|
(226)
|
(47)
|
(28)
|
(637)
|
(507)
|
As existing business expense ratio on average reserves (bps)
|
30
|
29
|
53
|
50
|
75
|
68
|
39
|
37
|
Average reserves (£bn)
|
220.5
|
175.2
|
97.8
|
90.5
|
12.6
|
8.2
|
330.9
|
273.9
|
|
6 months 2016
|
UK
Personal £m |
UK Commercial
£m
|
Total
UK £m |
Ireland
£m |
Total UK & Ireland
£m |
Canada
Personal £m |
Canada Commercial £m
|
Total Canada
£m |
Europe
£m |
Asia &
Other
1
£m
|
Total
£m |
General insurance
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
1,225
|
921
|
2,146
|
185
|
2,331
|
692
|
399
|
1,091
|
786
|
6
|
4,214
|
Net written premiums
|
1,188
|
813
|
2,001
|
179
|
2,180
|
680
|
369
|
1,049
|
757
|
5
|
3,991
|
Net earned premiums
|
1,121
|
763
|
1,884
|
159
|
2,043
|
655
|
365
|
1,020
|
658
|
6
|
3,727
|
Net claims incurred
|
(666)
|
(473)
|
(1,139)
|
(99)
|
(1,238)
|
(447)
|
(212)
|
(659)
|
(451)
|
(19)
|
(2,367)
|
Of which claims handling costs
|
|
|
(68)
|
(5)
|
(73)
|
|
|
(41)
|
(22)
|
-
|
(136)
|
Written commission
|
(340)
|
(165)
|
(505)
|
(27)
|
(532)
|
(133)
|
(75)
|
(208)
|
(148)
|
-
|
(888)
|
Written expenses
2
|
(106)
|
(98)
|
(204)
|
(23)
|
(227)
|
(62)
|
(57)
|
(119)
|
(65)
|
(3)
|
(414)
|
Movement in DAC and other
|
67
|
12
|
79
|
2
|
81
|
7
|
1
|
8
|
16
|
-
|
105
|
Underwriting result
|
76
|
39
|
115
|
12
|
127
|
20
|
22
|
42
|
10
|
(16)
|
163
|
Longer-term investment return
3
|
|
|
85
|
8
|
93
|
|
|
47
|
28
|
1
|
169
|
Other
4
|
|
|
(1)
|
-
|
(1)
|
|
|
(1)
|
-
|
-
|
(2)
|
Operating profit
|
|
|
199
|
20
|
219
|
|
|
88
|
38
|
(15)
|
330
|
Health insurance
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting result
|
|
|
|
|
10
|
|
|
-
|
(3)
|
(5)
|
2
|
Longer-term investment return
|
|
|
|
|
2
|
|
|
-
|
-
|
-
|
2
|
Operating profit
|
|
|
|
|
12
|
|
|
-
|
(3)
|
(5)
|
4
|
Total operating profit
|
|
|
|
|
231
|
|
|
88
|
35
|
(20)
|
334
|
General insurance combined operating ratio
|
|
|
|
|
|
|
|
|
|
|
|
Claims ratio
|
59.4%
|
62.0%
|
60.5%
|
62.3%
|
60.6%
|
68.3%
|
58.1%
|
64.6%
|
68.5%
|
|
63.5%
|
Commission ratio
|
28.6%
|
20.3%
|
25.2%
|
15.0%
|
24.4%
|
19.6%
|
20.4%
|
19.8%
|
19.5%
|
|
22.3%
|
Expense ratio
|
9.0%
|
12.0%
|
10.2%
|
12.7%
|
10.4%
|
9.1%
|
15.5%
|
11.4%
|
8.7%
|
|
10.4%
|
Combined operating ratio
5
|
97.0%
|
94.3%
|
95.9%
|
90.0%
|
95.4%
|
97.0%
|
94.0%
|
95.8%
|
96.7%
|
|
96.2%
|
Assets supporting general insurance and health business
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities
|
|
|
3,474
|
413
|
3,887
|
|
|
3,500
|
2,168
|
202
|
9,757
|
Equity securities
|
|
|
8
|
-
|
8
|
|
|
201
|
16
|
-
|
225
|
Investment property
|
|
|
205
|
-
|
205
|
|
|
-
|
163
|
-
|
368
|
Cash and cash equivalents
|
|
|
811
|
71
|
882
|
|
|
462
|
236
|
43
|
1,623
|
Other
6
|
|
|
1,535
|
102
|
1,637
|
|
|
166
|
235
|
2
|
2,040
|
Assets at 30 June 2016
|
|
|
6,033
|
586
|
6,619
|
|
|
4,329
|
2,818
|
247
|
14,013
|
Debt securities
|
|
|
3,993
|
470
|
4,463
|
|
|
2,999
|
1,937
|
209
|
9,608
|
Equity securities
|
|
|
8
|
-
|
8
|
|
|
188
|
21
|
-
|
217
|
Investment property
|
|
|
198
|
-
|
198
|
|
|
-
|
137
|
-
|
335
|
Cash and cash equivalents
|
|
|
639
|
79
|
718
|
|
|
107
|
118
|
26
|
969
|
Other
6
|
|
|
2,559
|
104
|
2,663
|
|
|
135
|
209
|
1
|
3,008
|
Assets at 31 December 2015
|
|
|
7,397
|
653
|
8,050
|
|
|
3,429
|
2,422
|
236
|
14,137
|
Average assets
|
|
|
6,715
|
620
|
7,335
|
|
|
3,878
|
2,620
|
242
|
14,075
|
LTIR as % of average assets
|
|
|
2.5%
|
2.6%
|
2.6%
|
|
|
2.4%
|
2.1%
|
0.8%
|
2.4%
|
|
6 months 2015
|
UK
Personal £m |
UK Commercial £m
|
Total
UK £m |
Ireland
£m |
Total UK &
Ireland £m |
Canada
Personal £m |
Canada
Commercial £m |
Total
Canada £m |
Europe
£m |
Asia &
Other
1
£m
|
Total
£m |
General insurance
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
1,090
|
917
|
2,007
|
139
|
2,146
|
678
|
399
|
1,077
|
704
|
7
|
3,934
|
Net written premiums
|
1,047
|
804
|
1,851
|
134
|
1,985
|
657
|
356
|
1,013
|
674
|
6
|
3,678
|
Net earned premiums
|
1,067
|
741
|
1,808
|
128
|
1,936
|
642
|
372
|
1,014
|
591
|
7
|
3,548
|
Net claims incurred
|
(696)
|
(424)
|
(1,120)
|
(84)
|
(1,204)
|
(418)
|
(200)
|
(618)
|
(398)
|
(9)
|
(2,229)
|
Of which claims handling costs
|
|
|
(96)
|
(4)
|
(100)
|
|
|
(39)
|
(28)
|
-
|
(167)
|
Written commission
|
(245)
|
(165)
|
(410)
|
(18)
|
(428)
|
(128)
|
(72)
|
(200)
|
(134)
|
-
|
(762)
|
Written expenses
2
|
(72)
|
(96)
|
(168)
|
(20)
|
(188)
|
(58)
|
(56)
|
(114)
|
(47)
|
(3)
|
(352)
|
Movement in DAC and other
|
(11)
|
16
|
5
|
-
|
5
|
4
|
(4)
|
-
|
13
|
-
|
18
|
Underwriting result
|
43
|
72
|
115
|
6
|
121
|
42
|
40
|
82
|
25
|
(5)
|
223
|
Longer-term investment return
3
|
|
|
111
|
10
|
121
|
|
|
51
|
30
|
1
|
203
|
Other
4
|
|
|
(3)
|
-
|
(3)
|
|
|
(2)
|
-
|
-
|
(5)
|
Operating profit
|
|
|
223
|
16
|
239
|
|
|
131
|
55
|
(4)
|
421
|
Health insurance
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting result
|
|
|
|
|
(2)
|
|
|
-
|
4
|
(3)
|
(1)
|
Longer-term investment return
|
|
|
|
|
2
|
|
|
-
|
-
|
-
|
2
|
Operating profit
|
|
|
|
|
-
|
|
|
-
|
4
|
(3)
|
1
|
Total operating profit
|
|
|
|
|
239
|
|
|
131
|
59
|
(7)
|
422
|
General insurance combined operating ratio
|
|
|
|
|
|
|
|
|
|
|
|
Claims ratio
|
65.2%
|
57.2%
|
62.0%
|
65.5%
|
62.2%
|
65.2%
|
53.4%
|
60.9%
|
67.4%
|
|
62.8%
|
Commission ratio
|
23.3%
|
20.6%
|
22.1%
|
13.2%
|
21.5%
|
19.5%
|
20.2%
|
19.8%
|
19.9%
|
|
20.7%
|
Expense ratio
|
6.9%
|
12.1%
|
9.1%
|
14.8%
|
9.5%
|
8.9%
|
15.6%
|
11.2%
|
7.0%
|
|
9.6%
|
Combined operating ratio
5
|
95.4%
|
89.9%
|
93.2%
|
93.5%
|
93.2%
|
93.6%
|
89.2%
|
91.9%
|
94.3%
|
|
93.1%
|
Assets supporting general insurance and health business
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities
|
|
|
4,399
|
555
|
4,954
|
|
|
3,014
|
1,851
|
214
|
10,033
|
Equity securities
|
|
|
7
|
-
|
7
|
|
|
206
|
19
|
-
|
232
|
Investment property
|
|
|
138
|
2
|
140
|
|
|
-
|
116
|
-
|
256
|
Cash and cash equivalents
|
|
|
634
|
52
|
686
|
|
|
97
|
181
|
24
|
988
|
Other
6
|
|
|
2,988
|
91
|
3,079
|
|
|
128
|
182
|
-
|
3,389
|
Assets at 30 June 2015
|
|
|
8,166
|
700
|
8,866
|
|
|
3,445
|
2,349
|
238
|
14,898
|
Debt securities
|
|
|
4,429
|
825
|
5,254
|
|
|
3,261
|
2,140
|
203
|
10,858
|
Equity securities
|
|
|
7
|
-
|
7
|
|
|
222
|
22
|
-
|
251
|
Investment property
|
|
|
91
|
4
|
95
|
|
|
-
|
128
|
-
|
223
|
Cash and cash equivalents
|
|
|
865
|
79
|
944
|
|
|
123
|
185
|
48
|
1,300
|
Other
6
|
|
|
3,372
|
101
|
3,473
|
|
|
122
|
172
|
-
|
3,767
|
Assets at 31 December 2014
|
|
|
8,764
|
1,009
|
9,773
|
|
|
3,728
|
2,647
|
251
|
16,399
|
Average assets
|
|
|
8,465
|
855
|
9,320
|
|
|
3,586
|
2,498
|
245
|
15,649
|
LTIR as % of average assets
|
|
|
2.6%
|
2.3%
|
2.6%
|
|
|
2.8%
|
2.4%
|
0.8%
|
2.6%
|
|
Full Year 2015
|
UK
Personal £m |
UK
Commercial £m |
Total
UK £m |
Ireland
£m |
Total UK &
Ireland £m |
Canada
Personal £m |
Canada
Commercial £m |
Total
Canada £m |
Europe
£m |
Asia &
Other
2
£m
|
Total
£m |
General insurance
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
2,253
|
1,719
|
3,972
|
291
|
4,263
|
1,324
|
785
|
2,109
|
1,263
|
12
|
7,647
|
Net written premiums
1
|
2,168
|
1,517
|
3,685
|
282
|
3,967
|
1,282
|
710
|
1,992
|
1,200
|
12
|
7,171
|
Net earned premiums
1
|
2,160
|
1,493
|
3,653
|
262
|
3,915
|
1,258
|
719
|
1,977
|
1,171
|
16
|
7,079
|
Net claims incurred
1
|
(1,413)
|
(950)
|
(2,363)
|
(177)
|
(2,540)
|
(840)
|
(411)
|
(1,251)
|
(775)
|
1
|
(4,565)
|
Of which claims handling costs
|
|
|
(170)
|
(7)
|
(177)
|
|
|
(74)
|
(45)
|
-
|
(296)
|
Written commission
|
(479)
|
(307)
|
(786)
|
(36)
|
(822)
|
(248)
|
(147)
|
(395)
|
(245)
|
-
|
(1,462)
|
Written expenses
3
|
(153)
|
(182)
|
(335)
|
(39)
|
(374)
|
(108)
|
(105)
|
(213)
|
(105)
|
(7)
|
(699)
|
Movement in DAC and other
|
(18)
|
3
|
(15)
|
(1)
|
(16)
|
5
|
(3)
|
2
|
13
|
-
|
(1)
|
Underwriting result
1
|
97
|
57
|
154
|
9
|
163
|
67
|
53
|
120
|
59
|
10
|
352
|
Longer-term investment return
4
|
|
|
215
|
21
|
236
|
|
|
98
|
53
|
3
|
390
|
Other
5
|
|
|
(1)
|
-
|
(1)
|
|
|
(4)
|
-
|
-
|
(5)
|
Operating profit
1
|
|
|
368
|
30
|
398
|
|
|
214
|
112
|
13
|
737
|
Health insurance
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting result
|
|
|
|
|
27
|
|
|
-
|
1
|
(6)
|
22
|
Longer-term investment return
|
|
|
|
|
5
|
|
|
-
|
1
|
-
|
6
|
Operating profit
|
|
|
|
|
32
|
|
|
-
|
2
|
(6)
|
28
|
Total operating profit
1
|
|
|
|
|
430
|
|
|
214
|
114
|
7
|
765
|
General insurance combined operating ratio
1
|
|
|
|
|
|
|
|
|
|
|
|
Claims ratio
1
|
65.4%
|
63.6%
|
64.7%
|
67.9%
|
64.9%
|
66.8%
|
57.1%
|
63.3%
|
66.2%
|
|
64.5%
|
Commission ratio
|
22.1%
|
20.2%
|
21.3%
|
12.8%
|
20.7%
|
19.3%
|
20.7%
|
19.8%
|
20.4%
|
|
20.4%
|
Expense ratio
|
7.0%
|
12.0%
|
9.1%
|
13.9%
|
9.4%
|
8.5%
|
14.7%
|
10.7%
|
8.8%
|
|
9.7%
|
Combined operating ratio
6
|
94.5%
|
95.8%
|
95.1%
|
94.6%
|
95.0%
|
94.6%
|
92.5%
|
93.8%
|
95.4%
|
|
94.6%
|
Assets supporting general insurance and health business
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities
|
|
|
3,993
|
470
|
4,463
|
|
|
2,999
|
1,937
|
209
|
9,608
|
Equity securities
|
|
|
8
|
-
|
8
|
|
|
188
|
21
|
-
|
217
|
Investment property
|
|
|
198
|
-
|
198
|
|
|
-
|
137
|
-
|
335
|
Cash and cash equivalents
|
|
|
639
|
79
|
718
|
|
|
107
|
118
|
26
|
969
|
Other
7
|
|
|
2,559
|
104
|
2,663
|
|
|
135
|
209
|
1
|
3,008
|
Assets at 31 December 2015
|
|
|
7,397
|
653
|
8,050
|
|
|
3,429
|
2,422
|
236
|
14,137
|
Debt securities
|
|
|
4,429
|
825
|
5,254
|
|
|
3,261
|
2,140
|
203
|
10,858
|
Equity securities
|
|
|
7
|
-
|
7
|
|
|
222
|
22
|
-
|
251
|
Investment property
|
|
|
91
|
4
|
95
|
|
|
-
|
128
|
-
|
223
|
Cash and cash equivalents
|
|
|
865
|
79
|
944
|
|
|
123
|
185
|
48
|
1,300
|
Other
7
|
|
|
3,372
|
101
|
3,473
|
|
|
122
|
172
|
-
|
3,767
|
Assets at 31 December 2014
|
|
|
8,764
|
1,009
|
9,773
|
|
|
3,728
|
2,647
|
251
|
16,399
|
Average assets
|
|
|
8,080
|
831
|
8,911
|
|
|
3,578
|
2,535
|
244
|
15,268
|
LTIR as % of average assets
|
|
|
2.7%
|
2.5%
|
2.7%
|
|
|
2.7%
|
2.1%
|
1.2%
|
2.6%
|
|
Restated
1
Managed assets at 1 January 2016 4 £m |
Premiums
and deposits, net of reinsurance £m |
Claims and redemptions, net of reinsurance £m
|
Net flows
2,3
£m
|
Market
and other movements £m |
Managed
assets at 30 June 2016 4 £m |
Life and platform business
|
|
|
|
|
|
|
UK - non-profit:
|
|
|
|
|
|
|
- platform
|
8,376
|
2,207
|
(287)
|
1,920
|
(35)
|
10,261
|
- pensions and other long term savings
|
79,261
|
3,509
|
(3,469)
|
40
|
4,996
|
84,297
|
- long term savings
|
87,637
|
5,716
|
(3,756)
|
1,960
|
4,961
|
94,558
|
- annuities and equity release
|
52,463
|
312
|
(1,373)
|
(1,061)
|
6,057
|
57,459
|
- other
|
25,801
|
422
|
(1,295)
|
(873)
|
743
|
25,671
|
Ireland
|
5,152
|
305
|
(300)
|
5
|
784
|
5,941
|
United Kingdom & Ireland (excluding UK with-profits)
|
171,053
|
6,755
|
(6,724)
|
31
|
12,545
|
183,629
|
Europe
|
94,632
|
5,311
|
(3,604)
|
1,707
|
11,679
|
108,018
|
Asia
|
11,484
|
1,062
|
(921)
|
141
|
834
|
12,459
|
Other
|
1,752
|
21
|
(93)
|
(72)
|
26
|
1,706
|
|
278,921
|
13,149
|
(11,342)
|
1,807
|
25,084
|
305,812
|
UK - with-profits and other
|
62,067
|
|
|
|
|
63,430
|
Total life and platform business
|
340,988
|
|
|
|
|
369,242
|
|
|
Shareholder business assets
|
|
Participating fund assets
|
|
|
|
||
Carrying value in the statement of financial position
|
General Insurance & health &
other
1
£m
|
Annuity and non-profit £m
|
Policyholder (unit linked assets)
£m |
UK style
with profits £m |
Continental European-style Participating
funds £m |
Total assets analysed £m
|
Less assets of operation classified as held for sale £m
|
Carrying
value in the statement of financial position £m |
Debt securities
|
|
|
|
|
|
|
|
|
Government bonds
|
6,314
|
14,649
|
11,956
|
19,815
|
29,326
|
82,060
|
(2,346)
|
79,714
|
Corporate bonds
|
4,429
|
23,720
|
11,294
|
16,777
|
29,675
|
85,895
|
(4,326)
|
81,569
|
Other
|
234
|
2,700
|
2,591
|
1,474
|
6,219
|
13,218
|
(703)
|
12,515
|
|
10,977
|
41,069
|
25,841
|
38,066
|
65,220
|
181,173
|
(7,375)
|
173,798
|
Loans
|
|
|
|
|
|
|
|
|
Mortgage loans
|
-
|
18,074
|
-
|
258
|
1
|
18,333
|
-
|
18,333
|
Other loans
|
171
|
2,468
|
351
|
2,258
|
788
|
6,036
|
(64)
|
5,972
|
|
171
|
20,542
|
351
|
2,516
|
789
|
24,369
|
(64)
|
24,305
|
Equity securities
|
238
|
235
|
46,755
|
13,038
|
3,606
|
63,872
|
(541)
|
63,331
|
Investment property
|
372
|
177
|
6,698
|
2,802
|
1,101
|
11,150
|
(44)
|
11,106
|
Other investments
|
865
|
3,148
|
42,677
|
4,515
|
2,925
|
54,130
|
(2,799)
|
51,331
|
Total as at 30 June 2016
|
12,623
|
65,171
|
122,322
|
60,937
|
73,641
|
334,694
|
(10,823)
|
323,871
|
Total as at 31 December 2015
|
11,550
|
58,586
|
117,941
|
57,508
|
62,366
|
307,951
|
-
|
307,951
|
|
|
IFRS
|
30 June
2016 £m |
pence per
share
2
|
Restated
3
31 December
2015 £m |
Restated
3
pence per
share
2
|
Equity attributable to shareholders of Aviva plc at 1 January
1
|
15,802
|
390p
|
10,038
|
340p
|
Operating profit
|
1,325
|
32p
|
2,688
|
67p
|
Investment return variances and economic assumption changes on life and non-life business
|
(455)
|
(11)p
|
(170)
|
(4)p
|
Profit/(loss) on the disposal and remeasurements of subsidiaries and associates
|
(18)
|
-
|
2
|
-
|
Goodwill impairment and amortisation of intangibles
|
(92)
|
(2)p
|
(177)
|
(4)p
|
Amortisation and impairment of acquired value of in-force business
|
(318)
|
(8)p
|
(498)
|
(12)p
|
Integration and restructuring costs
|
(105)
|
(3)p
|
(379)
|
(9)p
|
Other
4
|
-
|
-
|
(53)
|
(1)p
|
Tax on operating profit and on other activities
|
(136)
|
(3)p
|
(316)
|
(8)p
|
Non-controlling interests
|
(71)
|
(2)p
|
(161)
|
(4)p
|
Profit after tax attributable to shareholders of Aviva plc
|
130
|
3p
|
936
|
25p
|
AFS securities (fair value) & other reserve movements
|
21
|
-
|
10
|
-
|
Ordinary dividends
|
(570)
|
(14)p
|
(635)
|
(16)p
|
Direct capital instrument and tier 1 notes interest and preference share dividend
|
(30)
|
(1)p
|
(74)
|
(2)p
|
Foreign exchange rate movements
|
730
|
18p
|
(325)
|
(8)p
|
Remeasurements of pension schemes
|
607
|
15p
|
(142)
|
(4)p
|
Friends Life acquisition
5
|
-
|
-
|
5,975
|
55p
|
Other net equity movements
|
23
|
1p
|
19
|
-
|
Equity attributable to shareholders of Aviva plc at 30 June/31 December
1
|
16,713
|
412p
|
15,802
|
390p
|
|
|
6 months
2016 % |
Restated
2
Full Year
2015 % |
United Kingdom & Ireland Life
|
9.9%
|
14.4%
|
United Kingdom & Ireland General Insurance and Health
3,4
|
12.4%
|
10.2%
|
Europe
|
11.9%
|
12.7%
|
Canada
4
|
12.3%
|
16.2%
|
Asia
|
14.3%
|
22.0%
|
Fund management
|
18.8%
|
30.1%
|
Corporate and Other Business
3
|
n/a
|
n/a
|
Return on total capital employed
|
8.8%
|
10.8%
|
Subordinated debt
|
4.4%
|
4.4%
|
Senior debt
|
-
|
3.5%
|
Return on total equity
|
10.7%
|
13.4%
|
Less: Non-controlling interest
|
11.1%
|
12.2%
|
Direct capital instrument and tier 1 notes
|
5.6%
|
6.6%
|
Preference capital
|
9.0%
|
8.5%
|
Return on equity shareholders' funds
|
11.0%
|
14.1%
|
|
|
30 June
2016 £bn |
31 December
2015 £bn |
Own Funds
1
|
22.4
|
21.8
|
Solvency Capital Requirement before diversification
1
|
(17.8)
|
(16.3)
|
Diversification benefit
|
4.9
|
4.2
|
Diversified Solvency Capital Requirement
1
|
(12.9)
|
(12.1)
|
Estimated Solvency II Surplus at 30 June/31 December
2
|
9.5
|
9.7
|
Cover Ratio
1
|
174%
|
180%
|
|
Total
£bn |
Group Solvency II Surplus at 1 January 2016
|
9.7
|
Operating Capital Generation
|
1.2
|
Non-operating Capital Generation
|
(1.2)
|
|
9.7
|
Dividends
|
(0.6)
|
Foreign exchange variances
|
0.4
|
Hybrid debt issuance
1
|
0.3
|
Acquired/divested business
1
|
(0.3)
|
Estimated Solvency II Surplus at 30 June 2016
1
|
9.5
|
|
31 December
2015 £bn |
|
Credit risk
1
|
2.8
|
2.5
|
Equity risk
2
|
1.2
|
1.1
|
Interest rate risk
3
|
0.9
|
0.7
|
Other market risk
4
|
1.2
|
1.3
|
Life insurance risk
5
|
3.7
|
3.4
|
General insurance risk
6
|
0.9
|
0.8
|
Operational risk
|
1.1
|
1.1
|
Other risk
7
|
1.1
|
1.2
|
Total
|
12.9
|
12.1
|
|
Sensitivities
|
|
Impact on
cover ratio % |
Changes in Economic assumptions
|
25bps increase in interest rate
|
1%
|
|
100bps increase in interest rate
|
7%
|
|
25bps decrease in interest rate
|
(3%)
|
|
50bps increase in corporate bond spread
1
|
0%
|
|
100bps increase in corporate bond spread
|
(1%)
|
|
50bps decrease in corporate bond spread
|
(1%)
|
|
10% increase in market value of equity
|
(1%)
|
|
10% decrease in market value of equity
|
(1%)
|
|
25% decrease in market value of equity
|
(1%)
|
Changes in Non-Economic assumptions
|
10% increase in maintenance and investment expenses
|
(7%)
|
|
10% increase in lapse rates
|
(3%)
|
|
5% increase in mortality/morbidity rates - Life assurance
|
(2%)
|
|
5% decrease in mortality rates - annuity business
|
(8%)
|
|
5% increase in gross loss ratios
|
(2%)
|
|
|
30 June
2016 £bn |
Restated
1
Full Year
2015 £bn |
Total Group equity on an IFRS basis
|
19.3
|
18.3
|
Elimination of goodwill and other intangible assets
2
|
(9.9)
|
(9.9)
|
Liability valuation differences (net of transitional deductions)
|
21.4
|
20.4
|
Inclusion of risk margin (net of transitional deductions)
|
(4.9)
|
(4.0)
|
Net deferred tax
3
|
(1.4)
|
(1.3)
|
Revaluation of subordinated liabilities
|
(1.1)
|
(0.7)
|
Solvency II Net Assets (gross of non-controlling interests)
|
23.4
|
22.8
|
Difference between Solvency II Net Assets and Own Funds
4
|
(1.0)
|
(1.0)
|
Solvency II Own Funds
5
|
22.4
|
21.8
|
|
In this section
|
Page
|
A Income & expenses
|
30
|
B IFRS financial statements and notes
|
35
|
C Capital & liquidity
|
83
|
D Analysis of assets
|
87
|
E VNB & Sales analysis
|
103
|
|
|
Income & expenses
|
|
Reconciliation of Group operating profit to profit
after tax - IFRS basis |
30
|
A1 Other operations
|
31
|
A2 Corporate centre
|
31
|
A3 Group debt costs and other interest
|
31
|
A4 Life business: Investment return variances
and economic assumption changes |
32
|
A5 Non-life business: Short-term fluctuation in
return on investments |
33
|
A6 General insurance and health business:
economic assumption changes |
33
|
A7 Impairment of goodwill, associates, joint
ventures and other amounts expensed |
34
|
A8 Amortisation and impairment of acquired
value of in-force business |
34
|
A9 Profit/loss on the disposal and
remeasurement of subsidiaries, joint ventures and associates |
34
|
A10 Other
|
34
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Restated
1
Full Year
2015 £m |
Operating profit before tax attributable to shareholders' profits
|
|
|
|
Life business
|
|
|
|
United Kingdom & Ireland
|
711
|
569
|
1,455
|
Europe
|
395
|
372
|
766
|
Asia
|
118
|
79
|
244
|
Other
|
2
|
1
|
(23)
|
Total life business
|
1,226
|
1,021
|
2,442
|
General insurance and health
|
|
|
|
United Kingdom & Ireland
|
231
|
239
|
430
|
Europe
|
35
|
59
|
114
|
Canada
|
88
|
131
|
214
|
Asia
|
(6)
|
(4)
|
(6)
|
Other
|
(14)
|
(3)
|
13
|
Total general insurance and health
|
334
|
422
|
765
|
Fund management
|
|
|
|
Aviva Investors
|
49
|
32
|
105
|
Asia
|
-
|
1
|
1
|
Total fund management
|
49
|
33
|
106
|
Other
|
|
|
|
Other operations (note A1)
|
(49)
|
(57)
|
(84)
|
Market operating profit
|
1,560
|
1,419
|
3,229
|
Corporate centre (note A2)
|
(80)
|
(79)
|
(180)
|
Group debt costs and other interest (note A3)
|
(155)
|
(170)
|
(361)
|
Operating profit before tax attributable to shareholders' profits
|
1,325
|
1,170
|
2,688
|
Integration and restructuring costs
|
(105)
|
(172)
|
(379)
|
Operating profit before tax attributable to shareholders' profits after integration and restructuring costs
|
1,220
|
998
|
2,309
|
Adjusted for the following:
|
|
|
|
Investment return variances and economic assumption changes on long-term business (note A4)
|
6
|
(75)
|
14
|
Short-term fluctuation in return on investments backing non-long-term business (note A5)
|
(338)
|
166
|
(84)
|
Economic assumption changes on general insurance and health business (note A6)
|
(123)
|
(54)
|
(100)
|
Impairment of goodwill, joint ventures and associates and other amounts expensed (note A7)
|
-
|
(22)
|
(22)
|
Amortisation and impairment of intangibles
|
(92)
|
(61)
|
(155)
|
Amortisation and impairment of acquired value of in-force business (note A8)
|
(318)
|
(162)
|
(498)
|
(Loss)/profit on the disposal and re-measurement of subsidiaries, joint ventures and associates (note A9)
|
(18)
|
-
|
2
|
Other (note A10)
|
-
|
-
|
(53)
|
Non-operating items before tax
|
(883)
|
(208)
|
(896)
|
Profit before tax attributable to shareholders' profits
|
337
|
790
|
1,413
|
Tax on operating profit
|
(323)
|
(304)
|
(603)
|
Tax on other activities
|
187
|
59
|
287
|
|
(136)
|
(245)
|
(316)
|
Profit for the period
|
201
|
545
|
1,097
|
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
United Kingdom & Ireland Life
|
(14)
|
(6)
|
(29)
|
United Kingdom & Ireland General Insurance
|
2
|
-
|
5
|
Europe
|
(10)
|
(12)
|
(22)
|
Asia
|
(14)
|
(9)
|
(16)
|
Other Group operations
1
|
(13)
|
(30)
|
(22)
|
Total
|
(49)
|
(57)
|
(84)
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Project spend
|
(12)
|
(2)
|
(6)
|
Central spend and share award costs
|
(68)
|
(77)
|
(174)
|
Total
|
(80)
|
(79)
|
(180)
|
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
External debt
|
|
|
|
Subordinated debt
|
(184)
|
(153)
|
(335)
|
Other
|
-
|
(10)
|
(15)
|
Total external debt
|
(184)
|
(163)
|
(350)
|
Internal lending arrangements
|
(15)
|
(53)
|
(92)
|
Extinguishment of debt
|
-
|
-
|
(13)
|
Net finance income on main UK pension scheme
|
44
|
46
|
94
|
Total
|
(155)
|
(170)
|
(361)
|
|
Life business
|
30 June
2016 £m |
30 June
2015 £m |
31 December
2015 £m |
Investment variances and economic assumptions
|
6
|
(75)
|
14
|
|
Equities
|
Properties
|
||||
|
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
|
United Kingdom
|
5.5%
|
5.4%
|
5.4%
|
4.0%
|
3.9%
|
3.9%
|
Eurozone
|
4.5%
|
4.3%
|
4.3%
|
3.0%
|
2.8%
|
2.8%
|
All territories
|
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
Equity risk premium
|
3.5%
|
3.5%
|
3.5%
|
Property risk premium
|
2.0%
|
2.0%
|
2.0%
|
Territories
|
Full Year
2015
1
%
|
Full Year
2014
2
%
|
United Kingdom
|
2.0%
|
1.9%
|
Eurozone
|
1.0%
|
0.8%
|
|
General Insurance and health
|
6 months
2016 £m |
6 months
2015 £m |
Full Year
2015 £m |
Analysis of investment income:
|
|
|
|
- Net investment income
|
209
|
141
|
240
|
- Foreign exchange gains/losses and other charges
|
(15)
|
(31)
|
(10)
|
|
194
|
110
|
230
|
Analysed between:
|
|
|
|
- Longer-term investment return, reported within operating profit
|
171
|
205
|
396
|
- Short-term fluctuations in investment return, reported outside operating profit
|
23
|
(95)
|
(166)
|
|
194
|
110
|
230
|
Short-term fluctuations:
|
|
|
|
- General insurance and health
|
23
|
(95)
|
(166)
|
- Other operations
1
|
(361)
|
261
|
82
|
Total short-term fluctuations
|
(338)
|
166
|
(84)
|
|
30 June
2016 £m |
30 June
2015 £m |
31 December
2015 £m |
Debt securities
|
9,757
|
10,033
|
9,608
|
Equity securities
|
225
|
232
|
217
|
Properties
|
368
|
256
|
335
|
Cash and cash equivalents
|
1,623
|
988
|
969
|
Other
1
|
2,040
|
3,389
|
3,008
|
Assets supporting general insurance and health business
|
14,013
|
14,898
|
14,137
|
Assets supporting other non-long term business
2
|
513
|
816
|
538
|
Total assets supporting non-long term business
|
14,526
|
15,714
|
14,675
|
|
Longer-term rates of
return on equities |
Longer-term rates of
return on property |
||||
|
6 months
2015 % |
Full Year
2015 % |
6 months
2016 % |
6 months
2015 % |
Full Year
2015 % |
|
United Kingdom
|
5.5%
|
5.4%
|
5.4%
|
4.0%
|
3.9%
|
3.9%
|
Eurozone
|
4.5%
|
4.3%
|
4.3%
|
3.0%
|
2.8%
|
2.8%
|
Canada
|
5.4%
|
5.8%
|
5.8%
|
3.9%
|
4.3%
|
4.3%
|
|
|
|
AVIVA PLC
|
|
|
|
By: /s/ K.A. Cooper
|
|
|
|
K.A. Cooper
|
|
Group Company Secretary
|
1 Year Aviva Plc Chart |
1 Month Aviva Plc Chart |
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