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Aviva PLC AV. Stock Quote

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Morningstar‘s Stock Analysis AV.

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Patchy Numbers from Aviva; Negative Net Flows Remain the Primary Concern in Our Opinion

Analyst Note

| Henry Heathfield, CFA |

Aviva has reported poor results for the third quarter of this year. On a nine-month basis the numbers that stand out to us are a 4% decline in wealth net flows, driven by a 20% drop in platform net flows. That has been offset by some better performance in workplace and individual pensions; however, while the platform business is low margin, it is still a bit concerning. Furthermore, Aviva's investors business had a GBP 3.7 billion outflow after divesting the French business. Compared with the end of the second quarter, wealth net flows are up 2% yet there is a 6% decline in net flows in Aviva investors. In the personal lines general insurance business gross written premium was flat in the U.K. and up in Canada, driven by Ontario auto and home insurance. Commercial lines insurance was up across the board and underwriting was decent. We think life performance was solid and the rise in protection and health insurance present value for new business, though the new business margin has slipped a little.

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Key Statistics AV.

Company Profile AV.

Business Description

Aviva is a multiline insurer headquartered in the United Kingdom. It traces its roots back to the late 1700s with the establishment of the Hand-in-Hand Fire Office, a mutual insurer of loss from fire. This mutual, along with many other entities acquired and established over the years, was purchased by Commercial Union in 1905. In the late 1990s, Commercial Union and General Accident merged to form Commercial General Union, or CGU. A few years later CGU and Norwich Union merged and later rebranded as Aviva. Aviva acquired Friends Life in 2015. Aviva has been through quick successions of leadership in recent years. Mark Wilson served as CEO in the five years between 2013 and 2018. Then Maurice Tulloch took over and led up to July 2020. Amanda Blanc has led since then.

St Helen's, 1 Undershaft
London, EC3P 3DQ, United Kingdom
T +44 2072832000
Industry Insurance - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Employees 22,000