AVIVA is a public limited company incorporated under the laws of England and Wales. We are one of the world’s leading global insurance groups. We are the fifth largest insurance group in the world, based on gross written premiums for the 2008 year. We are one of the top five providers of long-term insurance and savings products in the UK, Ireland, the Netherlands, Poland and Spain and one of the top ten providers of long-term insurance and savings products in France, Italy, Hungary and Romania for 2008
Pensions – provide income in retirement for an individual and possibly his or her dependants. This products include personal and group pensions, stakeholder pensions and income drawdown. Annuities – pays out regular amounts of benefit, either immediately and for the remainder of a person’s lifetime, or deferred to commence from a future date. Immediate annuities may be purchased for an individual and his or her dependents or on a bulk purchase basis for groups of people. Protection – protects the policyholder or his or her dependants against financial loss on death or ill-health. Bonds and savings – accumulation products with single or regular premiums and unit-linked or guaranteed investment returns. Other, which includes equity release and structured settlements
The most revenue of AVIVA is long-term insurance and savings business This revenue accounted for over 80% of total company business. Based on report at the end of 2009, £32.0 billion is total long-term insurance and savings new business sales and investment sales is £3.9 billion.
IFRS operating profit (2009) 
Amounts in accordance with IFRS 2009 £m 2008 £m 2007 £m 2006 £m 2005 £m Income
Gross written premiums 34,690 36,206 30,991 28,735 26,299 Premiums ceded to reinsurers (2,576 (1,841 (1,658 (1,501 (1,317 Premiums written net of reinsurance 32,114 34,365 29,333 27,234 24,982 Net change in provision for unearned premiums 559 277 (21 93 (123 Net earned premiums 32,673 34,642 29,312 27,327 24,859 Fee and commission income 1,789 1,885 1,760 1,870 1,851 Net investment income/(expense) 24,972 (16,043 9,689 15,908 23,722 Share of (loss)/profit after tax of joint ventures and associates (504 (1,128 (304 485 340 Profit on the disposal of subsidiaries and associates 153 7 49 222 153
59,083 19,363 40,506 45,812 50,925 Expenses
Claims and benefits paid, net of recoveries from reinsurers (27,549 (29,353 (27,121 (23,444 (19,706 Change in insurance liabilities, net of reinsurance (5,682 3,885 (3,508 (2,594 (10,376 Change in investment contract provisions (11,185 10,629 (2,018 (6,002 (7,814 Change in unallocated divisible surplus (1,547 4,482 2,922 (558 (1,474 Fee and commission expense (4,396 (4,411 (4,244 (5,461 (4,330 Other expenses (5,366 (5,416 (3,473 (3,557 (3,166 Finance costs (1,336 (1,547 (1,217 (856 (609
(57,061 (21,731 (38,659 (42,472 (47,475 Profit/(loss) before tax 2,022 (2,368 1,847 3,340 3,450 Tax attributable to policyholders’ returns (217 1,068 (15 (346 (922 Profit/(loss) before tax attributable to shareholders’ profits 1,805 (1,300 1,832 2,994 2,528 Tax attributable to shareholders’ profits (490 415 (334 (594 (630 Profit/(loss) for the financial year 1,315 (885 1,498 2,400 1,898
Per share Per share Per share Per share Per share Profit/(loss) per share attributable to equity shareholders:
Basic 37.8 (36.8 48.9 88.0 73.5 Diluted 37.5 (36.8 48.5 87.0 72.9
Per share Per share Per share Per share Per share Dividends paid per share
24.0 33.0 33.0 30.0 27.3
Millions Number of shares in issue at 31 December 2,767 2,658 2,622 2,566 2,396 Weighted average number of shares in issue for the year 2,705 2,643 2,588 2,469 2,340 Statement of financial position data 
AVIVA’s trend in the next decade is Age demographic trend. Age demographics can influence demand for Aviva’s different types of products or change pricing models. If a region or country’s demographics lean strongly towards a large proportion of older people, there may be larger demand for pre- and post-retirement insurance, which would affect Aviva’s sales in terms of volume and type. Age demographics can also influence the pricing models for insurance – life Insurance products are more profitable and products return less in countries with low mortality rates. As a result, pricing models need to be adjusted for a country that has growing life expectancy as changing demographics affect, medical severity, and indemnity severity. This trend and any mortality assumptions based on age demographics did not significantly affect business in 2007, 2008, or 2009; however, there will be significant changes with the expansion of Aviva’s Asia Pacific branch into countries of different age demographics.
During 2007, AVIVA acquired subsidiaries in Spain, Italy and the UK in connection with bancassurance agreements with Cajamurcia, Banco Popolare and HSBC. Total consideration for these acquisitions, including costs, was £397 million. In addition to these acquisitions AVIVA entered into joint venture agreements with local banks in Turkey, Malaysia and Taiwan. Total consideration for these joint ventures was £208 million. AVIVA disposed of a number of businesses, the most material of which was the contribution of Turkish business, Aviva HE, to Turkish joint venture. This gave rise to a profit on disposal of £71 million. Other disposals of smaller operations gave rise to a loss on disposal before tax of £22 million.  During 2008, AVIVA acquired subsidiaries in Ireland, Italy and Belgium. Total consideration for these acquisitions, including costs, was £189 million. As part of AVIVA strategy to exit non-core operations, AVIVA disposed of HPI Limited and RAC Auto windscreens Limited in the UK and life operations in Luxembourg. Consideration for these disposals was £126 million, realizing a net profit on disposal of £7 million.  On 1 October 2009, AVIVA completed the sale of our Australian life and pension business and wealth management platform to the National Australia Bank for A$902 million (£443 million). On 3 November 2009, AVIVA completed the Initial Public Offering (IPO) of approximately 42% of Delta Lloyd N.V. raising 1.1 billion (£1 billion). AVIVA also enhance the value and liquidity of retained stake in Delta Lloyd. Delta Lloyd, at the start of the year, sold its health business for £235 million to OWM CZ Groep Zorgverkeraar UA (“CZ”). Continuing with the group’s strategy to exit non-core operations, AVIVA disposed of the British School of Motoring Limited for a consideration of £4 million.  During 2010, Aviva reported revenues of £9.13 billion for the first quarter, which was higher than analysts’ estimates of £8.45 billion in revenue. However, worldwide total sales for quarter 1 2010 of £12.64 billion decreased 1% from the sales of quarter 1 2009 of £12.78 billion. The worldwide total sales also rose 16% in quarter 1 2010 from quarter 4 2009, when Aviva generated sales of £10.90 billion. Aviva benefited from a milder winter in Canada but it estimated the total cost of bad weather as £50 million for the quarter. UK life insurance sales increased 14% and its investment sales increased 143% from the fourth quarter of 2009. In the US, general insurance sales decreased 48% from the sales of first quarter of 2010 due to Aviva’s focus on a larger profit instead of a larger sales volume. 
2.1 Free the Children At Aviva, being a good corporate citizen is essential to long term sustainability. AVIVA provides peace of mind through meaningful insurance products as well as support for communities where employees, customers, brokers and business partners live and work. AVIVA major corporate support is directed to two organizations, United Way and Free The Children. 2.2 Preserving the Environment Managing impact on the environment is another key component of AVIVA corporate responsibility program. Through initiatives to reduce waste and energy, AVIVA has become the first carbon neutral insurer covering worldwide operations. This is done by offsetting our remaining emissions through gaining carbon credits from projects in several countries around the world. AVIVA is engaging with the global challenge to combat climate change and protect the environment. These actions today will affect future generations. Besides that, AVIVA publishs annual group environmental performance data against key indicators and targets covering our CO2 emissions, water and waste consumption. AVIVA uses Accounting for Sustainability’s connected reporting framework, which integrates financial and non financial data to provide a comprehensive account of our impacts. Our carbon footprint boundaries provides clarity on the data what is excluded from our carbon footprint calculations.
As a global company, AVIVA faces a large and diverse number of risks. Each of these risks has the potential to harm financial performance or hinder the achievement of strategic objectives. If AVIVA doesn’t manage risk effectively, it is might to miss potential opportunities to further develop and expand business. The type of risks that AVIVA faces are: financial, strategic and operational.  Financial risks cover market and credit risk, insurance risk, liquidity and capital management. Strategic risks include issues such as customer, products and markets as well as any risks to our business model arising from changes in our market and risks arising from mergers and acquisitions. Operational risks arise from inadequately controlled internal processes or systems, human error or non-compliance as well as from external events. Operational risks include taxation, reputation and regulatory risks, such as compliance.  Risk Management Framework AVIVA monitors risks on a regular basis through our Risk Management Framework. The framework includes all risk management processes, systems and tools and helps set standards for identifying, managing and reporting risks and establishing minimum standards for our control environment. This process allows to assess the overall risk exposures AVIVA.  Policies and procedures AVIVA has 35 policies that deal with the management of all risks. These policies define risk appetite and set risk management. Besides that, these policies also control standards for the group’s worldwide operations. With equity risk, AVIVA monitors exposures relative to risk appetite and have reduced overall exposures during 2008 by extending portfolio of equity hedges. In orde to manage credit risk, AVIVA measures exposure against centrally set limits, which take account of credit ratings issued by rating agencies. Foreign exchange risk AVIVA set up a policy to face foreign exchange risk is to borrow and derivative currency to keep it exposures within these limits. AVIVA hedges specific foreign exchange transaction risks when feeling it’s appropriate. Besides above risk, AVIVA also has to face to derivatives risk, liquidity risk and some kind of risk in Insuarnce products, such as Insurance Risk Management, Life insurance risk, Longevity risk, Mortality and morbidity risk, Persistency risk, Product design and pricing risk, Expense risk, General insurance risk, Catastrophe risk, Worsening claims ratios, Strategic risks, Operational risks, Supplier risk
Our strategy has three key elements: – Increasing geographic focus – Benefiting from the combination of life and general insurance – Building on our core capabilities. This is reinforced by a commitment to clear financial deliverables in the near-term. 4.1 Increasing geographic focus We will focus on 12 markets where we have strength and scale. In determining our focus we will judge markets on their potential to generate both $100 million of IFRS operating profits and a 12% return on capital employed, or $1 billion of franchise value for younger businesses. Europe opportunities focus on eight markets: UK, France, Spain, Italy, Poland, Ireland, Turkey and North America. AVIVA will also focus on growing profits organically in Canada and the US. Besides that, Asia Pacific, China, Taiwan and India are one that we focus on growing franchise value. 4.2 Benefiting from the combination of life and general insurance The combination of our businesses provides capital benefits by diversifying risks. Aviva can hold 30-40% less capital to write new GI business than the GI business would need to hold on a standalone basis. It is anticipated that this benefit will be reinforced under Solvency II. Building on our core capabilities AVIVA will be succeed by building on four core capabilities: marketing & distribution expertise, financial discipline, technical excellence, and operational effectiveness AVIVA strategy gives a clear way forward, but AVIVA is also focused on delivering strong performance in the near-term, so we have set out a number of clear financial deliverables: At least £1.5 billion operational capital in 2011; Life IRR of at least 12% with payback of 10 years or less; General insurance COR of 97% or better in 2011; £200 million of cost savings and £200 million of efficiency savings by the end of 2012.
AVIVA wants to bring prosperity and peace of mind to our customers through vision: One Aviva, twice the value. “By acting responsibly for the long term in how we do business, we will help meet our ambition to provide prosperity and peace of mind to our customers” AVIVA aim is for every employee to be able to say “At Aviva I am recognized for who I am, and what I contribute matters.” Everything AVIVA does revolves around four core values – performance, progressiveness, teamwork and integrity. These values capture the day-to-day behaviors we follow, in dealing with each other and with our customers.
Aviva’s goals is to move company to a global single brand and what it means for customers worldwide. The creation of a single global brand is a key part of delivering “One Aviva, twice the value” and the implications go far beyond changing the name on brochures or signs. 
AVIVA has a clear purpose – to drive a talent leadership and culture-led transformation to deliver exceptional business performance. Aviva has approached this by implementing strategies designed to: Encourage talented people to join Aviva and stay Match the right people to the right roles and take action where there are gaps Empower people to be the best they can be Build pride in Aviva
Working for AVIVA is the dream of so many young peoples, include me. I was attracted to Aviva because of the existing scale of the global business, combined with the strategic vision and ambition to build a global market leading asset manager. Joining an organization that already had a strong platform and broad client base combined with ambitious growth targets provided an opportunity to be part of and contribute to, turning the vision into reality. Aviva provides the opportunity for my development and growth, recognizing individuals with rewarding career paths and a diverse set of opportunities underpinned with clear ldevelopment plans. Aviva is a great place to work and one where I will be recognized as an individual for what I can contribute. Aviva has changed massively from a UK centric organization to a global company. And may be, some days, I will have appotunity to work in UK or some member companies to open my world.
https://www.aviva.com/ https://www.wikinvest.com/ https://www.avivainvestors.com/ https://sec.gov/Archives/edgar/data/
A professional writer will make a clear, mistake-free paper for you!Get help with your assigment
Please check your inbox
I'm Chatbot Amy :)
I can help you save hours on your homework. Let's start by finding a writer.Find Writer