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News Release 12 August 2021 AVIVA Aviva plc 2021 Interim Results Announcement * f in ▸ SIGNIFICANT STRATEGIC DELIVERY AND STRONG GROWTH IN KEY AREAS Intended capital return of at least £ 4bn¹ including up to £ 750m share buyback starting immediately² Best half year sales³ in General Insurance in a decade and record flows into Savings & Retirement Cash remittances 4 , Interim dividend £ 1.1bn + 884 % HY20 : £ 108m 7.35p + 5 % 2020 : 7.00p Adjusted operating profitª , ‡ General Insurance GWP4 £ 4.4bn + 6 % HY20 : £ 621m HY20 : £ 4.1bn £ 725m + 17 % Life new business PVNBP4 , £ 16.9bn + 13 % HY20 : £ 14.9bn Amanda Blanc , Group Chief Executive Officer , said : " We have made good progress on all fronts in the 12 months since we launched our strategy . We are delivering on our commitment to make a substantial capital return to our shareholders . We intend to return at least £ 4 billion to investors by the end of the first half of 2022 , starting with a share buyback of up to £ 750 million . 4 , + We delivered strong cash remittances ** of £ 1.1 billion in the first half and we are on track to achieve our objective of over £ 5 billion in cash remittances between 2021 and 2023. In light of our confidence in the strength of the business and underlying cash flows , the Board has declared a 5 % increase in the interim dividend to 7.35 pence per share . 4,6 , + The breadth of Aviva , across life insurance and general insurance , is a key strategic advantage and has driven a 17 % increase in operating profit 4,5 , * to £ 725 million . We also delivered some of our best ever sales figures in the first six months . In UK general insurance we delivered our highest sales³ in a decade . In Savings & Retirement , net flows increased by 24 % to a record £ 5.2 billion , and we've added 100,000 new workplace customers , reinforcing our number one position . Alongside delivering growth , we continue to focus on reducing controllable costs which are down 2 % . We are on track to deliver our ₤ 300 million savings target in 2022 and are focused on achieving top quartile efficiency in all our businesses . While we've got more to do , our half year results show we have what it takes to drive growth in our businesses . We remain completely focused on transforming performance , capitalising on the breadth of Aviva , making insurance simple and easy for our customers , and creating value for our shareholders . " Return of capital to shareholders of at least £ 4bn by HY 2022 with full details with FY results in March 2022¹ • Intended shareholder return of at least £ 4bn ( subject to regulatory and shareholder approvals , remaining completions and market conditions ) including up to £ 750m via share buyback to commence immediately² • Expect additional reduction in debt of c . £ 1bn and repayment of £ 0.7bn of internal loan • Combined with £ 2bn repayment of debt in H1 2021 , expected to utilise all of the cash proceeds from divestments of £ 7.5bn • Divestment programme expected to complete by end of 2021 Strong growth in cash remittances and operating profit • Cash remittances of £ 1,296m ( HY20 : £ 150m ) of which £ 1,063m from continuing operations ( HY20 : £ 108m ) • Group operating profit 5 * of £ 1,132m ( HY20 : £ 1,225m ) and Group IFRS loss for the period of £ 198m ( HY20 : profit of £ 874m ) reflecting • non - operating items including anticipated loss on disposal of France and investment variances driven by higher interest rates Operating profit 5 , from continuing operations up 17 % to £ 725m ( HY20 : £ 621m ) and Solvency II operating own funds generation * up 12 % to £ 710m ( HY20 : £ 632m ) + Denotes Alternative Performance Measures ( APMs ) and further information can be found in the ' Other information ' section . 1 Subject to regulatory and shareholder approvals , completion of disposals and market conditions 2 Commencing on 13 August 2021 3 References to sales represent present value of new business premiums ( PVNBP ) for our life business and gross written premiums ( GWP ) for our general insurance business , PVNBP is an APM and further information can be found in the ' Other information ' section . 4 From continuing operations 5 Operating profit represents Group adjusted operating profit which is a non - GAAP APM . Operating profit is not bound by the requirements of IFRS . Further details of this measure are included in the ' Other information ' section . 6 Represents controllable costs excluding cost reduction implementation and IFRS 17 costs * This announcement contains inside information . The person responsible for making this announcement on behalf of the Group is Kirstine Cooper ( Group Company Secretary ) Aviva plc Half Year Report 2021 1