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Aviva(AVVIY) - 2022 Q2 - Earnings Call Transcript
2022-08-11 07:03
Aviva plc (OTCPK:AIVAF) Q2 2022 Earnings Conference Call August 10, 2022 3:45 AM ET Company Participants Amanda Jayne - Chief Executive Officer Colin Simpson - Chief Financial Officer Conference Call Participants Farooq Hanif - JPMorgan Oliver Steel - Deutsche Bank Ashik Musaddi - Morgan Stanley Alan Devlin - Goldman Sachs Andrew Crean - Autonomous James Shuck - Citigroup Larissa van Deventer - Barclays Capital Min Zhu - Credit Suisse Greig Paterson - Keefe, Bruyette & Woods Nasib Ahmed - UBS Dominic OÂ'Mah ...
Aviva(AVVIY) - 2021 Q4 - Earnings Call Transcript
2022-03-02 15:45
Financial Data and Key Metrics Changes - Cash remittances increased by 22% to £1.66 billion, on track to achieve a target of greater than £5 billion over 2021 to 2023 [22][23] - Year-end Solvency II position was strong at 244%, with a pro forma ratio expected to be 186% after planned debt reduction and acquisition [23][28] - Total capital return announced at £4.75 billion, exceeding the original promise of at least £4 billion [16][36] Business Line Data and Key Metrics Changes - Life new business sales grew by 23%, driven by bulk purchase annuities with record volumes of £6.2 billion [13][25] - General Insurance premiums increased by 6% to £8.8 billion, with a combined ratio of 92.9% [25][50] - Savings & Retirement net flows rose by 17% to exceed £10 billion, marking a record for Aviva [14][26] Market Data and Key Metrics Changes - UK & Ireland Life cash remittances rose by 21% to £1.2 billion, with profits and AUM in Savings & Retirement up 24% and 19% respectively [44][46] - In Canada, General Insurance achieved its highest level of premiums and profits on record, with commercial line premiums up 10% [54] Company Strategy and Development Direction - The company is focused on four strategic priorities: growth, customer, efficiency, and sustainability [60][85] - A significant acquisition of Succession Wealth for £385 million aims to enhance financial advice offerings and capture maturing outflows from existing customers [19][73] - The company plans to invest £300 million to accelerate organic growth, targeting a £100 million increase in operating profit [18][100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for Aviva, highlighting strong operational momentum and the successful execution of strategic plans [15][57] - The company is optimistic about growth opportunities in the wealth market, with a £1.6 trillion market opportunity projected to grow to £2.1 trillion by 2024 [64][65] - Management acknowledged the uncertain external environment but emphasized a commitment to maintaining a strong capital framework [104] Other Important Information - The company has achieved £244 million in cost reductions, with a new target of £750 million by 2024 [40][41] - The dividend for 2021 was declared at just over 22p per share, up 5% year-on-year, with anticipated increases for 2022 and 2023 [17][34] Q&A Session All Questions and Answers Question: Cash plan and future cash generation - The company upgraded its cash flow target to £5.4 billion, providing more flexibility for investments and growth [96][97] Question: Solvency II review and capital targets - Management has not built expectations from the Solvency II review into their plans but remains encouraged by recent announcements [104][106] Question: Investment in growth and expected returns - The £300 million investment is expected to support various growth initiatives across the group, with no single project being solely responsible for the anticipated profit increase [100][101]
Aviva(AVVIY) - 2021 Q4 - Earnings Call Presentation
2022-03-02 13:29
It takes Aviva plc 2021 results 2 March 2022 For 325 years AVIVA 1 Disclaimer & important information Cautionary statements This document should be read in conjunction with the documents distributed by Aviva plc (the 'Company' or 'Aviva') through The Regulatory News Service (RNS). This announcement contains, and we may make other verbal or written 'forward-looking statements' with respect to certain of Aviva's plans and current goals and expectations relating to future financial condition, performance, resu ...
Aviva(AVVIY) - 2021 Q2 - Earnings Call Presentation
2021-08-13 13:20
Aviva plc Interim results 2021 1 12 August 2021 Disclaimer and reminders Cautionary statements This document should be read in conjunction with the documents distributed by Aviva plc (the 'Company' or 'Aviva') through The Regulatory News Service (RNS). This announcement contains, and we may make other verbal or written 'forward-looking statements' with respect to certain of Aviva's plans and current goals and expectations relating to future financial condition, performance, results, strategic initiatives an ...
Aviva(AVVIY) - 2020 Q4 - Earnings Call Presentation
2021-03-05 12:02
Aviva ple 2020 Results AVIVA Disclaimer Cautionarystatements: This document should be cad in conjuncion with the documents discributed by Aris and of the Corpoper or 1 News) Ifrought The Regulatory News Sentice RWS, This annumcement wth respect to certain of Awivis sylans and curent goals ontrelet more of manacial condition, performance, reallts, stategic initiatious and dobjectives. Satements containi seeks', 'airls', 'may', 'tould', outdook, 'Merly', target', godi, goidane', 'tlends', 'potentia' and 'anti ...
Aviva(AVVIY) - 2020 Q4 - Earnings Call Transcript
2021-03-04 20:31
Aviva plc (OTCPK:AIVAF) Q4 2020 Earnings Conference Call March 4, 2021 3:30 AM ET Company Participants | --- | |-------------------------------------------------------| | | | Amanda Blanc - CEO | | Jason Windsor - CFO | | Conference Call Participants | | James Shuck - Citi | | Oliver Steel - Deutsche Bank | | Jon Hocking - Morgan Stanley | | Blair Stewart - Bank of America | | Andrew Crean - Autonomous | | Colm Kelly - UBS | | Ashik Musaddi - JPMorgan | | Gordon Aitken - RBC | | Steven Haywood - HSBC Lariss ...
Aviva(AVVIY) - 2020 Q3 - Earnings Call Transcript
2020-11-26 23:41
Aviva plc (OTCPK:AIVAF) Q3 2020 Earnings Conference Call November 26, 2020 3:00 AM ET Company Participants Amanda Blanc - CEO Jason Windsor - CFO Conference Call Participants Jon Hocking - Morgan Stanley James Shuck - Citigroup Oliver Steel - Deutsche Bank Blair Stewart - Bank of America Andrew Crean - Autonomous Farooq Hanif - Credit Suisse Greig Patterson - KBW Ming Zhu - Panmure Gordon Steven Haywood - HSBC Operator Ladies and gentlemen, thank you for standing by, and welcome to Aviva plcÂ's Q3 2020 Inve ...
Aviva(AVVIY) - 2020 Q2 - Earnings Call Transcript
2020-08-10 03:48
Aviva plc (OTCPK:AIVAF) Q2 2020 Earnings Conference Call August 6, 2020 3:30 AM ET Company Participants Amanda Blanc - Chief Executive Officer Jason Windsor - Chief Financial Officer & Executive Director | --- | |-----------------------------------------------| | | | Conference Call Participants | | Jonathan Hocking - Morgan Stanley | | James Shuck - Citigroup | | Greig Paterson - KBW | | Ashik Musaddi - JPMorgan | | Blair Stewart - Bank of America Merrill Lynch | | Fahad Changazi - Mediobanca | | Colm Kell ...
Aviva(AVVIY) - 2020 Q2 - Earnings Call Presentation
2020-08-07 15:02
Aviva plc Interim results 2020 AVIVA Disclaimer Cautionary statements: This shendd beread in conjumcion with the otracined disciliused by Awira pic (the "Company" of "Avive")") throught the Regulatory News Service (BHS). This annuancement con espect to certain of Aviva's shars and cronent gools and expectations relating of thre Thancial confibion, performance, results, statements containing the words "believed", seeks", "ainrs", "may", "could", "tuddol", "Mely", "apet", "goidance", "pstimates", "potential" ...
Aviva(AVVIY) - 2020 Q1 - Earnings Call Transcript
2020-05-21 19:05
Financial Data and Key Metrics Changes - The estimated COVID-19 claims impact on general insurance is £160 million net of reinsurance, assuming lockdowns remain until the end of June [6][10][50] - The Solvency II cover ratio is estimated at 182% at the end of March, inclusive of the suspended final dividend for 2019 [10][11] - Life new business volumes increased by 28% year-over-year, while general insurance net written premiums rose by 3% in the first quarter [12][90] Business Line Data and Key Metrics Changes - The investment portfolio remains well positioned, with only 3% of the corporate bond portfolio downgraded by a full letter and less than £10 million downgraded below investment-grade [9] - The commercial mortgage portfolio has an average loan-to-value (LTV) of 56% and a high interest cover ratio of 2.9 [9][24] Market Data and Key Metrics Changes - The company has a circa 5% exposure to sectors most impacted by the crisis, including retail, leisure, aviation, and oil and gas [9] - New business activity slowed in April due to government confinement initiatives, but strong in-force retention and customer renewals partially offset this decline [12] Company Strategy and Development Direction - The company is taking a cautious and defensive position on capital and cash management due to the uncertain economic outlook [11] - There is no change in appetite for bulk purchase annuities (BPA), with a disciplined approach to ensure adequate returns on capital [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant challenges posed by COVID-19 but emphasizes the company's preparedness and adaptability [4][12] - Early signs of increased business activity have been observed, indicating a potential recovery [12][75] Other Important Information - The company has suspended the final dividend for 2019 and will revisit the decision in the fourth quarter [10][39] - The company is not currently writing new business for care homes but is supporting existing customers [68] Q&A Session Summary Question: Details on business interruption (BI) claims and reinsurance - Management clarified that the net retention for BI claims in the UK, France, and Ireland is £150 million, and in Canada, it is $50 million [16][40] Question: Impact of COVID-19 on solvency and capital - Management indicated that the solvency figure performed as expected, with actions taken to reduce sensitivity to interest rates [17][19] Question: Commercial mortgage portfolio concerns - Management explained that while LTVs are strong, they are taking a forward-looking view of prices to assess potential covenant issues [24][25] Question: Future liability claims and voluntary contributions - Management confirmed that they are not currently writing new business for care homes and are supporting existing customers [68][75] Question: Dividend expectations and capital management - Management reiterated that there will be no interim dividend and that the board will reassess the situation in Q4 [39][45]