Hi Amanda. Hello. How are you today?
I’m fine, Kofi. How are you?
Yes I am good. Train talk aside, I’m here. It’s a bright morning so I’m looking forward to it.
It’s really fantastic to see you here. Normally I see you on a screen somewhere, so it’s fantastic that you’re in the office.
Thank you for telling me today about our third quarter exchanges. Have we made good progress since our half-year results?
We have made good progress. Despite the fact that we have seen a lot of political and economic volatility, especially here in the UK. In fact, Aviva confirmed some brilliant results this morning, I think. What you see in the results this morning is a real benefit of our diversified business model.
So we have strong growth in a number of areas. And we also reconfirm our dividend
and the capital return plans we presented in March and August. So overall another strong
quarter for Aviva.
Thanks Amanda. In the semester, we talked a lot about our strategic priorities, how are we doing in the third quarter?
So we are making good progress on our four priorities.
So let’s start with the customer. Clearly, the customer is at the heart of everything we do at Aviva and we’ve been thinking a lot about how we can help our customers during this difficult time. So we launched more affordable proposals from the engine and the house
and we are really happy with it and we see a very good adoption
of these products. So it’s clearly landing with customers, which is really great news. I am also extremely proud of the partnerships we have created with Citizens Advice and also with the Money Advice trust which represents an investment of £9m to help customers and businesses through what are obviously going to be an incredibly difficult time. .
Our second priority is growth. And we experienced strong growth in Wealth Management, Retirement and Insurance. I’m particularly pleased with the growth in some of the key areas for us. Net flows therefore, particularly in our company pensions business. We experienced strong growth in Health and Protection as well as commercial insurance in Canada and the United Kingdom.
We have also completed the acquisition of Succession Wealth and this is really helping our growth.
in the wealth management industry because it gives us the very high quality advice that we believe our clients need.
Our third priority area is therefore obviously efficiency and we are on track to meet the efficiency targets of £750 million gross of inflation that we put in place in March this year by 2024. There has been good progress in reducing costs across all areas of the business and in particular Aviva Investors made excellent progress in the last quarter announcing a major outsourcing deal.
So I think given the tough environment we’re in, we’ve made great progress here.
And finally on sustainability. We have been named the top European financial institution for the new Benchmarking Alliance Financial System Benchmark.
Obviously we have a strong history on ESG, but this is a real benchmark and a real opportunity for us to play a big role in this important topic, which is something
I’m incredibly proud of.
Thanks Amanda. And finally, are you optimistic for 2023?
I’m optimistic because I think what you’ve seen over the last quarter is that our business operations
was very positive. Third quarter numbers are solid. We have no illusions that the context is clearly very difficult economically, but we are really confident in the prospects
We believe we can excel and deliver on the promises we set out. Our position is strong. Our model is resilient. And we stick to the strategy.
Messages to colleagues as we come to the end of the year?
I have. What I would say is look at what we have achieved so far this year. Very good results despite everything that is happening.
We achieved excellent performance in all of our key areas: growth, customer base, efficiency and sustainability. I would tell them to continue until the end of the year.
I know it’s hard work, but look at what we’ve accomplished so far, there’s so much more to do.
And I would just also like to say of course, thank you.
Fantastic, thank you very much for your time today.