DOCSLIB.ORG

Aviva Report and Accounts 2003

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aviva Report and Accounts 2003 A Aviva plc viva plc Aviva plc St Helen’s, 1 Undershaft London EC3P 3DQ Annual report and accounts 2003 Telephone +44 (0)20 7283 2000 www.aviva.com and accounts 2003 Annual report Registered in England Number 2468686 01 Highlights of the year 61 Consolidated profit and loss account 02 Chairman’s statement Non-technical account 04 Business overview 62 Reconciliation of Group operating 06 Group Chief Executive’s review profit to profit on ordinary activities 08 Operating review before tax 26 Corporate social responsibility 63 Consolidated statement of total 28 Financial review recognised gains and losses 36 Board of directors 63 Reconciliation of movements in Shareholder profile 39 Directors’ report consolidated shareholders’ funds 41 Corporate governance 64 Consolidated Group balance sheet The categories of ordinary shareholders and the ranges and size of shareholding as at 31 December 2003 are set out below: 44 Audit Committee report 66 Consolidated cash flow statement 46 Nomination Committee report 67 Company balance sheet Analysis of shareholders No. of shareholders % No. of shares % 46 Chairman's Committee report 68 Notes to the accounts Individuals 849,765 97.10 306,227,641 13.57 47 Directors’ remuneration report 101 Five year review 55 Independent auditors’ report 102 Alternative method of reporting Banks and nominee companies 19,440 2.22 1,792,006,710 79.39 56 Accounting policies long-term business Pension fund managers and insurance companies 122 0.01 14,514,272 0.64 59 Consolidated profit and loss account 111 Aviva Group of companies Other corporate bodies 5,853 0.67 144,533,878 6.40 information Shareholder Technical account – long-term business 112 Shareholder information 60 Consolidated profit and loss account Total 875,180 100.00 2,257,282,501 100.00 113 Technical account – general business Range of shareholdings No. of shareholders % No. of shares % viva plc 1 – 1,000 820,348 93.73 212,548,895 9.42 A 1,001 – 5,000 49,169 5.62 90,014,648 3.99 5,001 – 10,000 2,710 0.31 18,648,208 0.82 10,001 – 250,000 2,290 0.26 113,292,874 5.02 250,001 – 500,000 232 0.03 83,663,387 3.71 500,001 and above 431 0.05 1,739,114,489 77.04 Total 875,180 100.00 2,257,282,501 100.00 Group financial calendar for 2004 Ex-dividend date (ordinary shares) 24 March Record date (ordinary shares) 26 March 3 First dividend payment for 8 ⁄8% cumulative irredeemable preference shares 1 April Dividend Reinvestment Plan election date 23 April Annual General Meeting 27 April Announcement of first quarter long-term savings new business figures 5 May Dividend payment date (ordinary shares) 17 May 3 First dividend payment for 8 ⁄4% cumulative irredeemable preference shares 1 July Announcement of unaudited six months’ interim results 4 August 3 Second dividend payment for 8 ⁄8% cumulative irredeemable preference shares 30 September Announcement of third quarter long-term savings new business figures 2 November 3 Second dividend payment for 8 ⁄4% cumulative irredeemable preference shares 31 December Useful contact details Detailed below are various addresses that may prove useful in the event that you have a query in respect of your shareholding. Please quote Aviva plc, as well as the name and address in which your shares are held, in all correspondence. 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. Aviva Group www.aviva.com UK long-term savings and general insurance www.norwichunion.com Fund management www.morleyfm.com Aviva worldwide internet sites www.aviva.com/customers/global.cfm Life profits reporting In reporting the Aviva plc headline operating profit, life profits have been included using the achieved profit basis. This is used throughout the Aviva group and by many in the investment community to assess performance. The modified statutory basis, which is used in our accounts, is also identified in the headline figures. We have focused on the achieved profit basis, as we believe life achieved operating profit Designed and produced by Radley Yeldar using RingMaster®. Feature photography is a more realistic measure of the performance of life businesses than the modified by Nick David, Board photography by Keith Waldegrave. Printed by CTD Capita statutory basis. Life modified statutory operating profit before tax amounted to Limited. All registered trademarks acknowledged. This document is printed on £1,138 million. The basis used for reporting achieved profit is consistent with the Mega Matt, using a chlorine free process, produced from 50% pre and post consumer guidance circulated by the Association of British Insurers. waste. Nordic Swan certified. Highlights of the year 01 viva plc A Aviva is the world’s seventh-largest insurance group† and the biggest in the UK. It is one of the leading providers of life and pensions products to 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 from continuing operations of £30 billion**, and around £240 billion of assets under management. The group has 56,000 employees serving 30 million customers worldwide. Operational highlights Highlights of the year Strong performance in both long-term savings and general insurance businesses £1,907m operating profit before tax* Robust life results: good sales growth in continental Europe; signs of confidence returning to UK market; margins up to 26.1% £14.4bn worldwide long-term savings new business sales** Significant growth from bancassurance: sales up 27%; now accounts for 25% of new life and pensions sales; average margins 39.7% 24.15p full year dividend Excellent and sustainable general insurance results with new group combined operating ratio target of 100% for next three years £11.2bn shareholders’ funds*** Strong capital position and well-prepared for new UK realistic solvency reporting regime Geographical breakdown of worldwide business mix‡ Long-term savings# 6 1 5 1 UK 33% *From continuing operations, including life achieved operating profit, before 2 Continental Europe 34% amortisation of goodwill and exceptional items. 3 Rest of world 5% **From continuing operations, including share of associates’ premiums. 4 ***On an achieved profit basis. 3 General insurance ‡With reference to net premium income from continuing operations. 4 UK 17% #Including health premium income. 2 5 Continental Europe 6% †Based on gross worldwide premiums. 6 Rest of world 5% All growth rates in this document are quoted at constant rates of exchange. In the UK, our long-term savings business is showing resilience in a slow market. We are making steady progress in France, with strong performances in Spain and Italy. Our recent bancassurance agreement with ABN Chairman’s statement Chairman’s AMRO in the Netherlands is off to a promising start. In the United States we 02 are growing profitably. Our start-up operations in India and China are growing well, above plan. viva plc Aviva is a firm supporter of sensible A Our UK general insurance operation is corporate governance disciplines, and turning in excellent results and good we already follow what has become free cashflow. Worldwide, our general regarded as best boardroom practice. insurance business is improving steadily, From the 2004 financial year we shall Chairman’s statement and Canada is promising after a setback be required to report the board’s earlier in the year. compliance with the revised Combined Code on Corporate Governance. The Our fund management results are more Code incorporates recommendations robust than in the previous year. from the Higgs review of the role of Aviva has come through a third year non-executive directors, which of adverse economic conditions. We continue to look for promising generated considerable debate in the Some of our competitors have strategic opportunities, and will expand City throughout 2003, and the Smith suffered severely. Others have our business where we see the chance report on audit committees. We are undertaken massive capital raisings. to be a market leader and grow the ahead of the game reporting this year as At Aviva we reduced dividends early business profitably. if the Code had been in effect for 2003. to a sustainable level. We further increased our capital strength by We propose a final dividend for 2003 Two non-executive directors, issuing subordinated debt in 2001 of 15.15 pence net per share, Carole Piwnica and Anna Catalano, and 2003 to raise altogether which brings the total for the year to joined our board during the year, and £2.8 billion. 24.15 pence, an increase of 5%. are already making significant This will be payable on 17 May 2004 contributions. Through strict cost control and stringent to shareholders on the register on capital allocation we have run and 26 March 2004. Our policy remains One long-time executive director, developed our business with undisturbed that of growing the dividend by about Tony Wyand, retired in November 2003. continuity and maintained a Standard & 5% a year. Likewise, Philip Twyman will retire in Poor’s AA range of ratings for the group. March this year. I would like to thank both of them for their exceptional Our two main operational aims – to be contributions. They will be missed for the insurance industry’s low-cost their eminent qualities and their producer and provider of choice – are international experience.
Load more

Recommended publications
  • Company Profile
    COMPANY PROFILE Aviva plc is a British multinational insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has around 43 million customers across 21 countries. It is the market leader in both general insurance and life and pensions in the UK and has major businesses in Asia, continental Europe and North America. Aviva has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange. The name of the company upon its formation in May 2000 was CGNU plc. In April 2002 the company's shareholders voted to change the company name to "Aviva plc", an invented word derived from "viva", the Latin for 'life' and designed to be short, memorable and work worldwide. In April 2008 Aviva announced that it would adopt the "Aviva" name as its worldwide consumer-facing brand, and that the Norwich Union brand would be phased out in the United Kingdom. It was created by a merger of two British insurance firms, Norwich Union and CGU plc (itself created by the 1998 merger of Commercial Union and General Accident) as CGNU in 2000. The Aviva name was adopted in July 2002. Thereafter, most of the group operations, except for some strong local brands, were carried out under the uniform brand "Aviva". Aviva's main activities are the provision of general and life insurance, long-term savings products and fund management services. The group has around 36,600 employees, £379 billion of assets under management and 43 million customers.
    [Show full text]
  • AVIVA Plc £5,000,000,000 Euro Note Programme
    Prospectus 1 May 2015 AVIVA plc (incorporated in England with limited liability, registered number 2468686) £5,000,000,000 Euro Note Programme Under the Euro Note Programme described in this Prospectus (the ‘‘Programme’’), Aviva plc (the ‘‘Issuer’’), subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the ‘‘Notes’’). The Notes may be issued as dated unsubordinated notes (‘‘Senior Notes’’) or as dated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in ‘‘Terms and Conditions of the Tier 2 Notes’’) (‘‘Dated Tier 2 Notes’’) or as undated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in ‘‘Terms and Conditions of the Tier 2 Notes’’) (‘‘Undated Tier 2 Notes’’ and, together with the Dated Tier 2 Notes, the ‘‘Tier 2 Notes’’). The aggregate nominal amount of Notes outstanding will not at any time exceed £5,000,000,000 (or the equivalent in other currencies). This Prospectus has been approved by the United Kingdom Financial Conduct Authority (the ‘‘FCA’’), which is the United Kingdom competent authority (in such capacity, the ‘‘UK Listing Authority’’), for the purposes of the Prospectus Directive (as defined below) and relevant implementing measures in the United Kingdom as a base prospectus (the ‘‘Prospectus’’) for the purposes of Article 5.4 of the Prospectus Directive and provides information with regard to the Issuer and its subsidiaries (each a ‘‘Subsidiary’’ and, together with the Issuer, the ‘‘Group’’ (for the purposes
    [Show full text]
  • PAF Corporate Licence Holders - Listed Alphabetically PDF Created: 03 09 2020
    PAF Licensing Centre PAF ® Corporate Licensees: PAF Corporate Licence Holders - Listed Alphabetically PDF created: 03 09 2020 Company Name. Corporate Licence Holder AGF Holdings UK Ltd Allianz Management Services Ltd Allianz Business Services Allianz Management Services Ltd Allianz Cornhill Engineering Inspection Services Limited Allianz Management Services Ltd Allianz Cornhill Equity Investments Limited Allianz Management Services Ltd Allianz Cornhill Holdings Limited Allianz Management Services Ltd Allianz Cornhill Insurance Company Pension Fund Trustees Allianz Management Services Ltd Limited Allianz Cornhill Insurance Plc Allianz Management Services Ltd Allianz Cornhill Management Services Limited Allianz Management Services Ltd Allianz Engineering Inspection Services Limited Allianz Management Services Ltd Allianz Equity Investments Ltd Allianz Management Services Ltd Allianz Holdings Allianz Management Services Ltd Allianz Insurance Plc Allianz Management Services Ltd Allianz International Limited Allianz Management Services Ltd Allianz Pension Fund Trustees Limited Allianz Management Services Ltd Allianz Properties Limited Allianz Management Services Ltd Allianz UK Ltd Allianz Management Services Ltd British Reserve Insurance Company Limited Allianz Management Services Ltd Buddies Enterprises Limited Allianz Management Services Ltd Domestic Insurance Services Limited Allianz Management Services Ltd Fairmead Distribution Services Limited Allianz Management Services Ltd Fairmead Insurance Limited Allianz Management Services Ltd Fairmead
    [Show full text]
  • Annual Report and Accounts 2009
    Aviva plc Annual Report and Accounts 2009 09 Performance review 67 Corporate responsibility 79 Governance 117 Shareholder information 127 Financial statements IFRS 283 Financial statements MCEV 317 Other information This is Aviva. Aviva today In 2007 we set our strategy to grow and transform Aviva to compete on a global scale. Nearly three years on, despite difficult market conditions, every day around the world we continue working to realise our vision ‘One Aviva, Twice the Value’. By working together closely, we are transforming our business, optimising our performance and maximising the value we generate for all our stakeholders. This year we have created a suite of three Our Annual Report and reporting channels which can be seen at accounts is available online www.aviva.com/2009reports. To help us and to download. minimise our paper usage and our impacts on the environment, if you haven’t already You can view our Annual Report here done so, we would encourage all of our www.aviva.com/2009ara shareholders to opt to receive our reporting documents electronically. Please sign up for electronic communications here www.aviva.com/ecomms In our online Annual Review, you will see exclusive interviews of the Group chief executive and members of our Executive management team. You can view our Annual Review here www.aviva.com/2009review In our online Corporate Responsibility Report you can find out more about our commitment to acting as a responsible member of the international business community. You can view our Corporate Responsibility Report
    [Show full text]
  • Corporate Structuresof of Independent Independent – Continued Insurance Adjusters, Adjusters Inc
    NEW YORK PENNSYLVANIANEW YORK New York Association of Independent Adjusters, Inc. PennsylvaniaNew York Association AssociationCorporate of of Independent Independent Structures Insurance Adjusters, Adjusters Inc. 1111 Route 110, Suite 320, Farmingdale, NY 11735 1111 Route 110,110 Suite Homeland 320, Farmingdale, Avenue NY 11735 E-Mail: [email protected] section presents an alphabetical listing of insurance groups, displaying their organizational structure. Companies in italics are non-insurance entities. The effective date of this listing is as of July 2, 2018. E-Mail:Baltimore, [email protected] MD 21212 www.nyadjusters.org www.nyadjusters.orgTel.: 410-206-3155 AMB# COMPANY DOMICILEFax %: OWN 215-540-4408AMB# COMPANY DOMICILE % OWN 051956 ACCC HOLDING CORPORATION Email: [email protected] AES CORPORATION 012156 ACCC Insurance Company TX www.paiia.com100.00 075701 AES Global Insurance Company VT 100.00 PRESIDENT 058302 ACCEPTANCEPRESIDENT INSURANCE VICECOS INC PRESIDENT 058700 AETNA INC. VICE PRESIDENT Margaret A. Reilly 002681 Acceptance Insurance Company Kimberly LabellNE 100.00 051208 Aetna International Inc CT 100.00 Margaret A. Reilly PRESIDENT033722 Aetna Global Benefits (BM) Ltd Kimberly BermudaLabell 100.00 033652 ACCIDENT INS CO, INC. HC, INC. 033335 Spinnaker Topco Limited Bermuda 100.00 012674 Accident Insurance Company Inc NM Brian100.00 Miller WEST REGIONAL VP 033336 Spinnaker Bidco Limited United Kingdom 100.00 058304 ACMATVICE CORPORATION PRESIDENT 033337 Aetna Holdco (UK) LimitedEXECUTIVEWEST REGIONAL SECRETARYUnited Kingdom VP 100.00 050756 ACSTAR Holdings Inc William R. WestfieldDE 100.00 078652 Aetna Insurance Co Ltd United Kingdom 100.00 010607 ACSTARDavid Insurance Musante Company IL 100.00 091442 Aetna Health Ins Co Europe DAC WilliamNorman R.
    [Show full text]
  • Corporate Social Responsibility 2007
    Aviva plc Corporate Social Responsibility 2007 This is a summary report, the full report is available at www.aviva.com/csr07 Contents 1 Overview 2 Chairman and group chief executive statements 4 Future focus for CSR 6 Customers We aim to provide our customers with prosperity and peace of mind by offering them relevant, simple to understand products that they can trust. 9 Standards of business conduct We ensure that, in everything we do, we meet the highest standards of business conduct. 10 Environment We are only too aware of the challenges posed by climate change. Managing our impact on the environment is central to our CSR programme. 13 Our suppliers We are clear and consistent with our suppliers about what we expect of them and what they can expect of us. 14 Our people We involve our people in creating a great place to work and a company of which they can be proud. 17 Diversity and human rights We value, respect and celebrate differences, because we believe diversity gives us the strength to compete effectively as a global business. 18 Community We are a responsible corporate citizen and take account of the impact that our activities have on the communities where we operate. 20 External engagements 21 Independent assurance statement Structure and performance Aviva is the world’s fifth largest insurance group and the largest insurance services provider in the UK. We are one of the leading providers of life and pension products in Europe and are actively growing our long-term savings businesses in Asian markets, Australia and the USA.
    [Show full text]
  • General Accident Life Assurance Limited York
    General Accident Life Assurance Limited York Femoral Thor christens inoffensively or transposings syne when Forrest is centrist. Cumulate and silly Jimmy epistolized some guppy so unphilosophically! Emile still fright adhesively while spumy Morry glamorizing that Bairam. Welcome to SCOR. Appendix to the Journals of the Senate and Assembly of. Insurance personal accident and supplemental health insurance reinsurance and life insurance. Or deliberate to Consumer Champions Money the Guardian 90 York Way. Australasian Colonial General Life Assurance and Annuity Company 1946. Roman law stipulated that hold dead shrimp to be buried outside areas inhabited by women living. Transamerica headquarters. What happened to Provident Mutual Life Insurance Company? Insurance is arranged by Aviva UK Digital Limited trading as submit Accident Registered in England No 09766150 Registered Office St Helen's 1 Undershaft. Activities and Societies Keen Bridge player and captain University of York Bridge team. Archaeological Excavations at the first Accident Site 24. General Accident plc Encyclopediacom. General description of general accident The insurance company could investigate each claim by arranging. Analysis Training General Insurance Disability Insurance Life Insurance Legal Liability. GA Life and Pensions business as Provident Mutual Life Assurance Ltd York. 1911 General loud Fire in Life Assurance Corps Ltd p. Compare the Accident Life Insurance Aviva against Leading Insurers Broker. Contact us Sun Life Financial. TJ IERICANINS CO OFNEw Rhode andUnderwriters Assn iv Equitable J YORK see bldg 1. And northern england no allegations regarding your trust in court there. The accident assurance company limited recently. Athene Holding Ltd to Acquire Aviva's US Annuity and crucial Business. If life assurance corporation argues that is limited recently awarded for accident insurance society.
    [Show full text]
  • About Atlantic Capital Markets
    DECEMBER 2019 Aviva 01872 229 000 www.atlanticmarkets.co.uk www.atlanticmarkets.co.uk • Ticker AV. • Objective Capital growth and income • Dividend Yield 7.53% A Brief History Aviva plc provides life insurance, general insurance, health insurance and asset management to 33 million customers. UK exposure is huge, serving on average one in four of all households. Aviva’s asset management business - Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Aviva can trace its history back to the establishment of the Hand in Hand Fire & Life Insurance Society in London in 1696 but the business we know today was created by a merger of two British insurance firms, Norwich Union and CGU plc. The Aviva name was adopted in July 2002. Slicing and Dicing Since formation the slicing and dicing in the background has been substantial, below is a brief summary of what’s been going on. • March 2005 Aviva acquired the RAC breakdown recovery operation for around £1.1 billion. • July 2006, Aviva increased its presence in the United States by acquiring AmerUs Group, in a £1.6bn deal. • October 2009 decided to focus on its commercial insurance sector with the launch of their ‘find a broker’ facility. • September 2011 Completed the sale of RAC plc breakdown recovery operation for £1.0 billion to The Carlyle Group. • February 2012 Sold its occupational health business to Capita. • July 2012 announced plans to sell or close 16 non-core businesses in order to simplify its activities and boost shareholder returns.
    [Show full text]
  • 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
    [Show full text]
  • Aviva Plc Communication on Progress
    Aviva plc Communication on Progress Aviva has been a signatory of the UN Global Compact since 2001. The primary goal of the Global Compact is to enlist the power and engagement of the business world in helping to address some of the most pressing challenges for the planet and all its inhabitants – challenges, which far exceed the capacity of any one government or business and which demand new approaches. The United Nations is the only international organisation capable of bringing together governments, business and NGOs to explore and try out new approaches to old problems. www.unglobalcompact.org We remain firmly committed in our support of the Global Compact, which is driven by the management of Aviva. View our CEO foreword. “Our commitment to help develop understanding, and shape the practice, of CSR globally is evidenced by our continuing commitment to the United Nations Global Compact. Aviva chairs the UK network and our businesses overseas are also active in local networks, where they believe that they can make a contribution.” Richard Harvey, Group CEO (Extracted from CEO Foreword in 2006 CSR Report – www.aviva.com/csr06) Furthermore, Aviva is proud to chair the UK network of the Global Compact, while also giving help with the networks in both Lithuania and Turkey. We provide an overview of our progress in implementing the 10 principles of the Global Compact. Full details of our actions to comply with our undertakings under the Global Compact can be found in the following sections in our 2006 CSR Report: standards of business conduct, environment, workforce, health and safety and customers.
    [Show full text]
  • Aviva Investors 4 Worldwide Sales IFRS Basis 03
    Aviva plc Annual Report and Accounts 2009 09 Performance review 67 Corporate responsibility 79 Governance 117 Shareholder information 127 Financial statements IFRS 283 Financial statements MCEV 317 Other information This is Aviva. Aviva today In 2007 we set our strategy to grow and transform Aviva to compete on a global scale. Nearly three years on, despite difficult market conditions, every day around the world we continue working to realise our vision ‘One Aviva, Twice the Value’. By working together closely, we are transforming our business, optimising our performance and maximising the value we generate for all our stakeholders. This year we have created a suite of three Our Annual Report and reporting channels which can be seen at accounts is available online www.aviva.com/2009reports. To help us and to download. minimise our paper usage and our impacts on the environment, if you haven’t already You can view our Annual Report here done so, we would encourage all of our www.aviva.com/2009ara shareholders to opt to receive our reporting documents electronically. Please sign up for electronic communications here www.aviva.com/ecomms In our online Annual Review, you will see exclusive interviews of the Group chief executive and members of our Executive management team. You can view our Annual Review here www.aviva.com/2009review In our online Corporate Responsibility Report you can find out more about our commitment to acting as a responsible member of the international business community. You can view our Corporate Responsibility Report
    [Show full text]
  • Principles and Practices of Financial Management (PPFM) for Aviva Life & Pensions UK Limited Secure Growth Fund
    Principles and Practices of Financial Management (PPFM) for Aviva Life & Pensions UK Limited Secure Growth Fund 1 January 2021 AV528911_SGFPPFM_HL04003_0121.indd 1 12/16/20 4:08 PM Contents Page 1 Introduction 3 2 Targeting payouts 6 3 Interest rate policy and smoothing 7 4 Surrender values 9 5 Investment strategy 10 6 Exposure to business risk and new business 12 7 Charges, expenses and taxation 13 8 Solvency Risk Appetite, capital support and management of the estate 14 Appendix 1 – Glossary 15 Appendix 2 – Background 17 Appendix 3 – Aviva Life & Pensions UK Limited – Fund structure chart 19 Appendix 4 – Original issuing companies 20 2 AV528911_SGFPPFM_HL04003_0121.indd 2 12/16/20 4:08 PM Aviva Life & Pensions UK Limited – Secure Growth Fund PPFM 1 Introduction The Introduction and any statements at the start of subsequent sections of this document, together with the appendices, are provided by way of background information and do not form part of the Principles or Practices. 1.1 Company information Aviva Life & Pensions UK Limited (‘the Company’) (previously known as Norwich Union Life & Pensions Limited) is owned by Aviva Life Holdings UK Limited, whose ultimate holding company, Aviva plc, is incorporated in England. Further information on the company names and background is provided in Appendix 2 Products are sold throughout the United Kingdom under the Aviva brand. 1.2 What business is covered by this document? As a result of past Court transfers of insurance business, Aviva Life & Pensions UK Limited contains policies originally issued by a number of other insurance companies. The structure chart in Appendix 3 shows the composition of funds under Aviva Life & Pensions UK Limited.
    [Show full text]