|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.
Click on, or paste the following link into your web browser, to view the associated PDF document.
This information is provided by RNS
The company news service from the London Stock Exchange
+44 (0)20 7662 8115
+44 (0)20 7662 8048
+44 (0)20 7662 0215
+44 (0)20 7662 3131
+44 (0)20 7662 6700
Real time media conference call: 07:15 hrs BST
Analyst presentation: 08:15 hrs BST
06:30 hrs BST
08:15 hrs BST
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jan. 17, 2017 01:45 AM EST Reads: 5,204
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jan. 17, 2017 12:45 AM EST Reads: 6,006
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 16, 2017 11:45 PM EST Reads: 4,188
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 16, 2017 11:30 PM EST Reads: 3,516
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 16, 2017 09:00 PM EST Reads: 7,441
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jan. 16, 2017 08:45 PM EST Reads: 4,580
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 16, 2017 08:00 PM EST Reads: 663
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
Jan. 16, 2017 06:45 PM EST Reads: 3,490
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 16, 2017 06:00 PM EST Reads: 401
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 16, 2017 05:00 PM EST Reads: 4,022
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 16, 2017 03:30 PM EST Reads: 4,826
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 16, 2017 03:15 PM EST Reads: 366
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 16, 2017 02:30 PM EST Reads: 1,551
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 16, 2017 02:15 PM EST Reads: 5,276
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 16, 2017 01:45 PM EST Reads: 3,599