Aviva’s ‘big ambition’ to be the ‘UK’s leading insurer’

Aviva has a “big ambition to be the UK’s leading insurer, serving all of our customers’ needs throughout their lifetime”, according to the insurer’s chief executive Amanda Blanc.

In a media briefing this morning discussing the insurer’s preliminary financial results for 2020, Blanc said the insurer has “a unique opportunity” to engage with its biggest market – the UK.

She continued: “We will do this by winning more customers, meeting more of their needs and delivering meaningful growth.

“We will modernise our operations delivering top quartile customer service and an increase digitalisation. We will continue to be the UK’s financial services leader on sustainability and a net zero carbon emissions company by 2040.

“We have a strong platform that we can develop and grow, we are the number one trusted brand, we are recognised for our excellence and leading customer service.

”We have developed strong digital assets that customers are using on a more frequent basis. Five million customers are registered on [the] MyAviva [app and] average log ons per user [was] 45% during 2020.”

This is just the start

Blanc pointed out that Aviva is the only insurer in the UK that supports customers throughout their life, from buying their first car to starting a family, or saving for the future and securing an income in retirement.

“Customers are buying more through Aviva with 30% now holding two or more policies with us. Our strong relationships with customers and intermediaries underpin Aviva’s market leading position across UK insurance,” she said.

Blanc disagreed with the common view that the insurance market is mature with limited growth opportunities.

She continued: “The facts speak for themselves. There are macro trends driving customer needs that present clear opportunities to deliver material growth.

”We are in a position to make a substantial return on capital to our shareholders. In November, we set out our intent to deliver a sustainable ordinary dividend covered by capital generation, cash remittances and growth from our core businesses.

“Today [4 March], we are announcing a full year 2020 dividend of 21p per share, with the final dividend of 14p per share.

“Ultimately, we will create value for our shareholders by growing the cash generation of our businesses to support dividend growth.

“But let me be very clear, there’s a long way to go before we unlock the true potential of Aviva for our customers, our shareholders and our people – this is just the start.”