Aviva 2013 Annual Report Download - page 318

Aviva plc
Annual report and accounts 2013
316
Cautionary statement
This document should be read in conjunction with the
documents filed by Aviva plc (the “Company” or “Aviva”) with
the United States Securities and Exchange Commission (“SEC”).
This announcement contains, and we may make other verbal or
written “forward looking statements” with respect to certain of
Aviva’s plans and current goals and expectations relating to
future financial condition, performance, results, strategic
initiatives and objectives. Statements containing the words
“believes”, “intends”, “expects”, “projects”, “plans”, “will,”
“seeks”, “aims”, “may”, “could”, “outlook”, “estimates” and
“anticipates”, and words of similar meaning, are forward
looking. By their nature, all forward-looking statements involve
risk and uncertainty. Accordingly, there are or will be important
factors that could cause actual results to differ materially from
those indicated in these statements. Aviva believes factors that
could cause actual results to differ materially from those
indicated in forward-looking statements in the document
include, but are not limited to: the impact of ongoing difficult
conditions in the global financial markets and the economy
generally; the impact of various local political, regulatory and
economic conditions; market developments and government
actions regarding the sovereign debt crisis in Europe; the effect
of credit spread volatility on the net unrealised value of the
investment portfolio; the effect of losses due to defaults by
counterparties, including potential sovereign debt defaults or
restructurings, on the value of our investments; changes in
interest rates that may cause policyholders to surrender their
contracts, reduce the value of our portfolio and impact our asset
and liability matching; the impact of changes in equity or
property prices on our investment portfolio; fluctuations in
currency exchange rates; the effect of market fluctuations on
the value of options and guarantees embedded in some of our
life insurance products and the value of the assets backing their
reserves; the amount of allowances and impairments taken on
our investments; the effect of adverse capital and credit market
conditions on our ability to meet assumptions in pricing and
reserving for insurance business (particularly with regard to
mortality and morbidity trends, lapse rates and policy renewal
rates), longevity and endowments; the impact of catastrophic
events on our business activities and results of operations; the
inability of reinsurers to meet obligations or unavailability of
reinsurance coverage; increased competition in the UK and in
other countries where we have significant operations; the effect
of the European Union’s “Solvency II” rules on our regulatory
capital requirements; the impact of actual experience differing
from estimates used in valuing and amortising deferred
acquisition costs (“DAC”) and acquired value of inforce business
(“AVIF”); the impact of recognising an impairment of our
goodwill or intangibles with indefinite lives; changes in valuation
methodologies, estimates and assumptions used in the valuation
of investment securities; the effect of legal proceedings and
regulatory investigations; the impact of operational risks,
including inadequate or failed internal and external processes,
systems and human error or from external events; risks
associated with arrangements with third parties, including joint
ventures; funding risks associated with our participation in
defined benefit staff pension schemes; the failure to attract or
retain the necessary key personnel; the effect of systems errors
or regulatory changes on the calculation of unit prices or
deduction of charges for our unit-linked products that may
require retrospective compensation to our customers; the effect
of simplifying our operating structure and activities; the effect of
a decline in any of our ratings by rating agencies on our
standing among customers, brokerdealers, agents, wholesalers
and other distributors of our products and services; changes to
our brand and reputation; changes in government regulations
or tax laws in jurisdictions where we conduct business; the
inability to protect our intellectual property; the effect of
undisclosed liabilities, integration issues and other risks
associated with our acquisitions; and the timing/regulatory
approval impact and other uncertainties relating to announced
acquisitions and pending disposals and relating to future
acquisitions, combinations or disposals within relevant
industries. For a more detailed description of these risks,
uncertainties and other factors, please see Item 3d, “Risk
Factors”, and Item 5, “Operating and Financial Review and
Prospects” in Aviva’s most recent Annual Report on Form 20-F
as filed with the SEC. Aviva undertakes no obligation to update
the forward looking statements in this announcement or any
other forward-looking statements we may make. Forward-
looking statements in this announcement are current only as of
the date on which such statements are made.