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19 August 2014UK couples are spending more than £44,000 on average when they divorce or separate, totalling £5.7 billion per year across the nation. A new study from life insurer Aviva reveals the hidden cost of divorce as £21,979 per person or £43,958 per couple.
13 August 2014Aviva today announces the appointment of Adam Kornick as Global Analytics Director. He will report to Maurice Tulloch, Chairman, Global General Insurance and Chief Executive Officer, UK & Ireland General Insurance.
13 August 2014Britain’s pensioners could be missing out on much-needed cash in retirement because of mistaken beliefs about equity release, research from Aviva shows.
11 August 2014People looking to buy a house in a highly competitive market are spending less time on property viewings and potentially missing out on signs of maintenance issues that could cause them financial pain down the line, according to new research from Aviva.
7 August 2014Mark Wilson, Group Chief Executive Officer, said: “The half year results show that momentum in Aviva’s turnaround continues. All of our key metrics have improved, operating earnings per share are up 16%, and book value has increased 7%. “We have reduced our debt, decreased expenses and increased profit – this is just good business. Aviva remains a work in progress, and these results are a step in the right direction.” Cash flow Cash remittances up 7% at £612 million (HY13: £573 million) Operating capital generation1 stable at £910 million (HY13: £933 million2) Interim dividend per share up 4.5% at 5.85p (HY13: 5.60p). Profit Operating profit1 4% higher at £1,052 million (HY13: £1,008 million) Operating EPS1 16% higher at 23.6p (HY13: 20.3p) IFRS profit after tax1 up 113% at £863 million (HY13: £406 million) due to lower restructuring costs and positive investment variances Expenses Operating expenses1,3 £1,399 million, down £129 million (HY13: £1,528 million) Expense reduction equivalent to £568 million annualised savings vs. £400 million target Operating expense ratio1 of 52.1% (HY13: 54.8%) Value of new business Value of new business4 up 9%5 at £453 million (HY13: £428 million2) Poland, Turkey and Asia4 grew 54%5 and contributed 25% of Group VNB (HY13: 19%) Combined operating ratio Combined operating ratio (COR) improved to 95.5% (HY13: 96.2%) UK COR of 94.3%, best in 7 years Balance sheet IFRS net asset value per share up 7% at 290p (FY13: 270p) MCEV net asset value per share up 3% at 478p (FY13: 463p2) External leverage ratio 46%6 of tangible capital (FY13: 50%), 30% on S&P basis Intercompany loan reduced to £3.6 billion at end of July 2014 (Feb14: £4.1 billion) Economic capital surplus7 £8.0 billion (FY13: £8.3 billion), coverage ratio 180%