Article date: 9 October 2008
Aviva plc ("Aviva") is today holding an investor and analyst briefing. Alain Dromer, CEO Aviva Investors and Igal Mayer, CEO UK General Insurance, along with their teams will set out in more detail their plans for their businesses.
Andrew Moss, CEO, will take the opportunity to provide an update on Aviva's continuing strong position in the current economic environment with Aviva's surplus regulatory capital estimated to be £1.9 billion at 30 September 2008, compared to £1.8 billion at 30 June 2008.
In addition Aviva has strengthened its protection against further falls in global equity markets through increased hedges, such that even in the event of a further 40% fall in equity markets, its surplus regulatory capital would only be reduced by £0.7 billion. This is a significant improvement when contrasted with the position as at 30 June 2008 when a 40% fall in equity markets would have reduced the surplus regulatory capital by £1.3 billion.
Andrew Moss commented: "We are focused on accelerating transformational change to deliver a unified and more profitable company. This is clearly demonstrated both by the creation of Aviva Investors and the reshaping of our UK General Insurance business to focus on insurance excellence and deliver the promise of scale.
"We are pleased to confirm that in the face of the recent market turmoil, Aviva's capital position remains strong. Our active capital management ensures the group remains robust in the face of the current economic adversity, providing security for our customers and investors alike, and ensuring that the group is well positioned as confidence returns."
Hayley Stimpson, media relations director +44 (0)20 7662 7544
Sue Winston, head of group media relations +44 (0)20 7662 8221
Vanessa Rhodes, senior group media relations manager +44 (0)20 7662 2482
James Murgatroyd/Ed Simpkins, Finsbury +44 (0)20 7251 3801
Charles Barrows, investor relations director +44 (0)20 7662 8115
Jessie Burrows, head of investor relations +44 (0)20 7662 2111
Susie Yeoh, investor relations manager +44 (0)20 7662 2117
A presentation for investors and analysts will be held today at 9:00am (BST) at the offices of Aviva Investors, No 1 Poultry, London, EC2R 8EJ. The presentation slides will be available on the group's website, www.aviva.com/investor-relations/presentations/ from 9.30am (BST).
Notes to editors:
- Aviva is the leading provider of life and pension products in Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2007.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £49.2 billion at 31 December 2007 and funds under management of £359 billion at 30 June 2008.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.
- For broadcast-standard video, please visit www.thenewsmarket.com/aviva.