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For 325 years AVIVA News Release 11 November 2021 Aviva plc Q3 2021 Trading Update Growth and strategic execution drive strong year - to - date performance at Aviva Remain on track to meet or exceed cash remittance and cost saving targets Strong solvency and liquidity positions . Capital return of at least £ 4bn underway with c . £ 450m of the £ 750m share Savings & Retirement Annuities & Equity Release buyback completed General Insurance¹ £ 6.5bn Aviva Investors £ 7.3bn £ 5.3bn £ 1.6bn Net flows + 21 % PVNBP ( 14 ) % GWP + 5 % Ext . net flows + 37 % Solvency II 215 % Cover ratio + 12pp 9M20 : £ 6.0bn 9M20 : £ 6.2bn 9M20 : £ 6.2bn 9M20 : £ 1.2bn HY21 : 203 % Amanda Blanc , Group Chief Executive Officer , said : " Aviva has delivered strong performance in the first nine months . Record inflows in Savings & Retirement and excellent growth in General Insurance support our confidence in Aviva's growth potential . Savings & Retirement net flows were up 21 % year - to - date , continuing the strong first half performance . Bulk annuity volumes accelerated sharply in the third quarter . General Insurance premiums grew 5 % year - to - date reflecting solid customer retention and new business wins , particularly in commercial lines . " We continue to make excellent and rapid strategic progress , right across Aviva . The completion of disposals in France and Italy Gl since the half year are significant milestones as we deliver a radically simplified and refocused Aviva . We are delivering our commitment to return at least £ 4bn of capital to shareholders , with c . £ 450m of the £ 750m share buyback already successfully completed . " Aviva is targeting Net Zero by 2040 and we welcome the Government's plan , mandating financial institutions to publish transition plans . This will help to ensure that every firm making a Net Zero commitment - whether an insurer , a bank or an asset manager - is doing so in a robust and consistent way . " We look forward with confidence . We expect the good trading momentum to continue in the fourth quarter , and we remain on track to meet or exceed our cash and cost saving targets . " Strong growth in Life sales² and Gl premiums • • • • UK & I life sales of £ 25.3bn ( 9M20 : £ 21.8bn ) with strong growth in Savings & Retirement . Improved annuity volumes versus the first half with £ 2.4bn BPAs written in Q321 , bringing 9M21 volumes to £ 4.0bn ( 9M20 : £ 5.0bn ) . General Insurance gross written premiums ( GWP ) ¹ up 5 % to £ 6.5bn at 9M21 ( 9M20 : £ 6.2bn ) and COR¹ 92.4 % ( 9M20 : 98.1 % ) . Continued focus on cost efficiency 1,3 Controllable costs¹ down 2 % ( excluding cost reduction implementation and IFRS 17 costs ) to £ 2,045m at 9M21 ( 9M20 : £ 2,080m ) despite the headwinds of inflation and targeted investments in growth . On track to achieve savings target of £ 300m in 2022 relative to our 2018 baseline and net of inflation . Focus over the longer term remains to deliver top - quartile cost efficiency . Positive outlook for cash remittances Expecting strong growth in cash remittances for the year from the £ 1.4bn achieved last year ( 9M21 continuing cash remittances : £ 1.1bn ) and we remain on track to achieve our target of over £ 5bn in cumulative business unit cash remittances in 2021 to 2023 . 1 From continuing operations 2 References to sales represent present value of new business premiums ( PVNBP ) which is an Alternative Performance Measure ( APM ) and further information can be found in the ' Other information ' section of the 2021 interim results announcement . 3 Controllable costs represent other expenses from continuing operations of £ 1.7bn for 9M21 , reported in the IFRS consolidated income statement , and adjusted to show the controllable operational overheads associated with maintaining our businesses ( for example adjusted to include indirect acquisition costs , and exclude certain amortisation and impairment charges and premium based taxes , fees and levies that vary directly with premiums ) . Controllable costs is an APM and further information can be found in the ' Other information ' section of the 2021 interim results announcement . Aviva plc Q3 2021 TRADING UPDATE 1