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Aviva plc
Annual Report and
Accounts 2007
53
Business
review
Dear Shareholder,
During my first year as Group Finance
Director there has been significant activity
across the Aviva finance community and
our major achievements are set out on
the right.
We have made significant progress
on the development of the global finance
strategy this year. This will enable us to
lay firm foundations for future growth,
meet future regulatory requirements and
prepare for financial reporting change.
In 2007 we focused on two areas:
the creation of robust governance to
secure the timely and efficient delivery of
the strategy; and the development of the
policies, frameworks and guidelines that
we will use in 2008 to deliver and embed
the change group-wide.
At the end of August, I chaired the first
finance directors’ forum since the creation
of our regional structure. Its representatives
come from every business and region and
have a key role in defining our finance
agenda. Our first meeting focused on
managing our considerable finance talent –
developing leaders for the future and
finance professionals with the skills and
experience to support our challenging plans.
The global finance conference at
the beginning of October gave the finance
leadership team the chance to see the
benefits of working together to deliver
financial clarity and simplicity across the
group. We are committed to creating
a “One Finance” team and to play our part
in achieving “one Aviva, twice the value”.
Philip Scott
Group finance director
Allocate capital
– We completed our work on the individual capital
assessment (ICA) of the group for 2006
– We achieved an AM Best upgrade for the US business
to A+ (“superior”) from A (“excellent”). Additionally,
Standard & Poor’s have reaffirmed their rating of our
core subsidiaries as AA/AA- (very strong) including
upgrading the Aviva USA rating to AA-, all with a
“stable” outlook
Manage risk
– The risk management framework and guidance
was rolled out across the group during 2007
– We appointed Marcelo Cruz as our new chief
risk officer
Financial reporting
– We introduced a new approach to reporting our
life operating profit on an IFRS basis, which enables
us to monitor underlying performance without the
distortions caused by market volatility
– We continued to participate in development of
IFRS Phase II and submitted our feedback on the
International Accounting Standard’s Board preliminary
views in November
Looking forward
– We will build on the progress made to date to
deliver and embed the Global Finance strategy
across the group
– In line with other CFO forum members, we are
working to roll out market consistent embedded
value reporting for year end 2008
– We will continue to embed ICA into our business
decision making process for investment assessment
and for capital allocation