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Annual Report and Accounts 2004 A viva plc Annual Report and Accounts 2004 Aviva plc Aviva plc St Helen’s, 1 Undershaft Annual Report and Accounts London EC3P 3DQ Telephone +44 (0)20 7283 2000 www.aviva.com 2004 Registered in England Number 2468686 Aviva plc 2004 Shareholder information Highlights of the year Shareholder profile The categories of ordinary shareholders and the ranges and size of shareholdings as at 31 December 2004 are set out below: £2,344m £17.2bn 25.36p £12.9bn Analysis of shareholders No. of shareholders % No. of shares % Operating profit before tax* Worldwide long-term savings Full year dividend Shareholders funds† Individuals 815,491 97.46 291,956,949 12.79 new business sales** Banks and nominee companies 15,872 1.90 1,864,412,386 81.69 Pension fund managers and insurance companies 114 0.01 7,982,002 0.35 Other corporate bodies 5,290 0.63 118,033,863 5.17 Total 836,767 100.00 2,282,385,200 100.00 Range of shareholdings No. of shareholders % No. of shares % Operational highlights 1 – 1,000 785,605 93.90 202,227,507 8.86 • Strong performance in both long-term savings and general insurance businesses 1,001 – 5,000 45,973 5.49 83,724,786 3.67 • Improved life result; higher new business contribution across all major business units and sustained sales growth in continental Europe 5,001 – 10,000 2,408 0.29 16,527,525 0.72 • Excellent general insurance result with strong profit growth and a combined operating ratio‡ of 97%, beating our group target 10,001 – 250,000 2,120 0.25 111,558,937 4.89 • Strong capital position and a significant increase in shareholder funds† 250,001 – 500,000 204 0.02 72,275,282 3.17 500,001 and above 457 0.05 1,796,071,163 78.69 Total 836,767 100.00 2,282,385,200 100.00 02 Chairman’s statement 70 Pro forma reconciliation of Group 04 Business overview operating profit to profit on Group financial calendar for 2005 06 Group chief executive’s review ordinary activities before tax Annual General Meeting 26 April 08 Operating review 71 Consolidated statement of total Announcement of first quarter long-term savings new business figures 28 April 20 Employees recognised gains and losses Announcement of unaudited six months’ interim results 11 August 22 Corporate social responsibility 71 Reconciliation of movements in 24 Financial review consolidated shareholders’ funds Announcement of third quarter long-term savings new business figures 27 October 42 Board of directors 72 Consolidated Group balance sheet Ordinary shares 45 Directors’ report 74 Consolidated cash flow statement Ex-dividend date 16 March 47 Corporate governance 75 Company balance sheet Record date 18 March 50 Audit committee report 76 Notes to the accounts 52 Nomination committee report 112 Five year review Scrip dividend price available 23 March 53 Directors’ remuneration report 114 Introduction of International Dividend payment date 17 May 63 Independent auditors’ report Financial Reporting Standards Preference shares 64 Accounting policies 127 Independent auditors’ report to 3 First dividend payment for 8 ⁄8% cumulative irredeemable preference shares 31 March 67 Consolidated profit Aviva plc on the preliminary IFRS 3 and loss account consolidated financial statements First dividend payment for 8 ⁄4% cumulative irredeemable preference shares 30 June 3 Technical account at 1 January 2004 Second dividend payment for 8 ⁄8% cumulative irredeemable preference shares 30 September 3 – long-term business 128 Alternative method of reporting Second dividend payment for 8 ⁄4% cumulative irredeemable preference shares 31 December 68 Consolidated profit long-term business and loss account 146 Independent auditors’ report to Technical account the directors of Aviva plc on the Useful contact details – general business alternative method of reporting Detailed below are various addresses that shareholders may find useful if they have a query in respect of their shareholding. 69 Consolidated profit long-term business profits Please quote Aviva plc, as well as the name and address in which your shares are held, in all correspondence. and loss account 147 Aviva Group of companies Non-technical account 148 Shareholder information General shareholding, Lloyds TSB Registrars The Causeway 0870 600 3952 administration queries Worthing and Aviva share account queries West Sussex BN99 6DA Corporate and single company Peps Barclays Stockbrokers Limited Tay House 0870 514 3263 300 Bath Street Glasgow G2 4LH Individual Savings Accounts (Isas) Lloyds TSB Registrars The Causeway 0870 242 4244 (Isa Manager) Worthing West Sussex BN99 6DA Internet sites Aviva owns various internet sites, most of which interlink with each other. *From continuing operations, including Life European Embedded Value (EEV) operating Aviva Group www.aviva.com return before amortisation of goodwill and exceptional items. Life profits reporting In reporting the Aviva plc headline operating profit, life profits have **From continuing operations, including share of associates’ premiums. been included using the European embedded value (EEV) basis. The modified statutory basis, UK long-term savings and general insurance www.norwichunion.com † On an EEV basis. which is used in our accounts, is also identified in the headline figures. We have focused on the EEV basis, as we believe life EEV operating return is a more realistic measure of the Fund management www.morleyfm.com ‡ Combined operating ratio (COR) broadly expresses the total of claims costs, commission performance of life businesses than the modified statutory basis. Life modified statutory and expenses as a percentage of premiums and is one of our key performance measures. operating profit before tax amounted to £1,185 million. The basis used for reporting EEV Aviva worldwide internet sites www.aviva.com/websites ≠ Including health premium income. profit is consistent with the principles launched in May 2004 by the CFOs Forum, a group of #With reference to net premium income from continuing operations. 19 insurers with implementation required by no later than 31 December 2005. We have ~ Based on gross worldwide premiums. chosen to adopt the EEV principles early. This is used throughout the Aviva group to assess Designed and produced by Radley Yeldar using RingMaster®. Board photography by performance and as it is adopted by our peers will be used by the investment community to Keith Waldegrave. Printed by CTD Printers Limited. All registered trademarks ≈ Based on gross worldwide premiums, including share of associates’ premiums. assess performance. The results for 2003 shown as comparatives which were previously acknowledged. This document is printed on Mega Matt, using a chlorine free process, All growth rates in this document are quoted at constant rates of exchange. reported to an achieved profits basis have been restated to an EEV basis. produced from 50% pre and post consumer waste. Nordic Swan certified. 149 Aviva plc 2004 Highlights Geographical breakdown of worldwide business mix# 5 6 1 4 3 2 Long-term saving≠ General insurance 1 UK 32% 4 UK 17% 2 Continental Europe 37% 5 Continental Europe 6% 3 Rest of world 4% 6 Rest of world 4% Aviva is the world’s fifth-largest insurance group~ and the biggest in the UK. It is one of the leading providers of life and pensions products in Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. ≈ It has premium income and investment sales of £33 billion and £273 billion of assets under management. The group has 49,000 employees serving 30 million customers worldwide. 01 Aviva plc 2004 Chairman’s statement Group strategy Pehr G Gyllenhammar To grow our To build a To take a focused To build top-five To withdraw from Chairman long-term savings world-class fund approach to positions in key lines of business business management general insurance, markets. or markets which aggressively and business. with disciplined do not offer the profitably. underwriting and potential for efficient claims market-leading handling. positions or superior returns. Aviva has had a good year, with robust performance. We compare ourselves with the “best in class” in all that we do. Patient and persistent actions to improve efficiency Our consistent efforts have made us market leaders in many aspects and productivity have created higher earnings of of our business. Our aim is to continue to outperform. improved quality. The insurance sector has not offered easy opportunities to show positive results, particularly as the underlying assets – equities and fixed income – have had a bumpy ride, although there have been some improvements in 2004. Growth has been modest in the UK, but we have consolidated our market share. Our life portfolio is yielding better returns and the general insurance business continues to deliver excellent and consistent results. We are registering higher growth in continental Europe and can see the promising development of our business model and of our profits. Our operations in France, Spain, the Netherlands and Italy are all doing well. In Poland and other markets in Eastern Europe we are prominent or gaining market share. Our general insurance businesses in Ireland and Canada are making good progress with high profitability. We have sold our small general insurance portfolio in South East Asia for a good price, and are concentrating our efforts on growing our life businesses in the expanding markets of China and India. Our exposure to the catastrophic effects of the tsunami in Asia was limited. We were obviously shocked and saddened by
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