|By Marketwired .||
|August 7, 2014 02:00 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 08/07/14 -- Aviva PLC (LSE: AV) (NYSE: AV)
Mark Wilson, Group Chief Executive Officer, said:
"The half year results show that momentum in Aviva's turnaround continues. All of our key metrics have improved, operating earnings per share are up 16%, and book value has increased 7%.
"We have reduced our debt, decreased expenses and increased profit - this is just good business. Aviva remains a work in progress, and these results are a step in the right direction."
- Cash remittances up 7% at £ 612 million (HY13: £ 573 million)
- Operating capital generation(1) stable at £ 910 million (HY13: £ 933 million(2))
- Interim dividend per share up 4.5% at 5.85p (HY13: 5.60p).
- Operating profit(1) 4% higher at £ 1,052 million (HY13: £ 1,008 million)
- Operating EPS(1) 16% higher at 23.6p (HY13: 20.3p)
- IFRS profit after tax(1) up 113% at £ 863 million (HY13: £ 406 million) due to lower restructuring costs and positive investment variances
- Operating expenses(1,3) £ 1,399 million, down £ 129 million (HY13: £ 1,528 million)
- Expense reduction equivalent to £ 568 million annualised savings vs. £ 400 million target
- Operating expense ratio(1) of 52.1% (HY13: 54.8%)
Value of new business
- Value of new business(4) up 9%(5) at £ 453 million (HY13: £ 428 million(2))
- Poland, Turkey and Asia(4) grew 54%(5) and contributed 25% of Group VNB (HY13: 19%)
Combined operating ratio
- Combined operating ratio (COR) improved to 95.5% (HY13: 96.2%)
- UK COR of 94.3%, best in 7 years
- IFRS net asset value per share up 7% at 290p (FY13: 270p)
- MCEV net asset value per share up 3% at 478p (FY13: 463p(2))
- External leverage ratio 46%(6) of tangible capital (FY13: 50%), 30% on S&P basis
- Intercompany loan reduced to £ 3.6 billion at end of July 2014 (Feb14: £ 4.1 billion)
- Economic capital surplus(7) £ 8.0 billion (FY13: £ 8.3 billion), coverage ratio 180%
(1) On a continuing basis, excluding US Life.
(2) Comparatives have been restated to reflect the changes in MCEV methodology. See F1 - MCEV Basis of Preparation for further details.
(3) Operating expenses excludes integration and restructuring costs.
(4) Poland includes Lithuania, Italy excludes Eurovita, Spain excludes Aseval and Asia excludes Malaysia.
(5) On a constant currency basis.
(6) External leverage ratio excludes the impact of the debt raised in July 2014.
(7) The economic capital represents an estimated position. The economic capital requirement is based on Aviva's own internal assessment and capital management policies. The term 'economic capital' does not imply capital as required by regulators or other third parties.
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