Mission Statement, Vision, & Core Values (2025) of Aviva plc.

An Overview of Aviva plc

General Summary of Aviva plc

Aviva plc, founded in 1696, is a leading multinational insurance provider based in London, United Kingdom. The company specializes in life insurance, general insurance, and asset management services, serving millions of customers globally. As of 2024, Aviva reported revenues of approximately £37.3 billion, showcasing its robust product offerings in both life and non-life segments. Major services include retirement savings, investment management, and various types of coverage such as auto, home, and health insurance.

In recent years, Aviva has focused on simplifying its operations and enhancing customer experience. The company's strategic initiatives include divestitures of non-core assets to concentrate on profitable areas. This has positioned Aviva favorably within the competitive insurance landscape.

Company's Financial Performance in 2024

Aviva's financial performance for the fiscal year 2024 has been marked by significant growth. The company recorded a 21% increase in gross written premiums, totaling £18.5 billion. Their life insurance segment contributed approximately £10 billion to this total, primarily driven by increased sales in annuities and protection products. The general insurance division also flourished, generating revenues of around £7.5 billion, supported by strong demand for commercial and personal insurance.

Net income for the period reached £2.1 billion, translating to a remarkable return on equity (ROE) of 14%. The company's focus on operational efficiency is reflected in its expense ratio of 25%, indicating effective cost management alongside revenue growth. Furthermore, Aviva maintained a solvency ratio of 200%, well above the regulatory requirement, underscoring its financial stability.

Introduction to Aviva as an Industry Leader

Aviva plc stands out as one of the leading insurance companies in the European market, commanding a strong presence in both life and general insurance sectors. The company’s strategic focus on sustainable growth, combined with its comprehensive suite of products, has solidified its reputation for reliability and trustworthiness among consumers and investors alike.

With its commitment to innovation and customer-centric services, Aviva continues to adapt to changing market dynamics while maintaining a competitive edge. The company's substantial investments in technology and digitalization enhance customer engagement and streamline operations, making it a noteworthy entity in the insurance industry.

To explore more about how Aviva continues to achieve success and navigate challenges in a competitive landscape, further insights and data are available below.

Mission Statement of Aviva plc

Company's Mission Statement

Aviva plc's mission statement is to 'be a leading digital insurer, transforming our business to become more customer-focused and agile.' This statement serves as a strategic guide, aligning the company's operations, culture, and long-term goals with an emphasis on customer satisfaction and technological advancement.

Core Component 1: Customer Focus

A significant aspect of Aviva's mission centers around customer focus. The company aims to prioritize customer needs by providing tailored and innovative insurance solutions. For instance, in their latest customer satisfaction survey from 2023, Aviva achieved a score of 86% in overall customer satisfaction, indicating a strong alignment with their mission.

Furthermore, Aviva launched a new digital platform called 'Aviva Plus' in 2023, which allows customers to customize their insurance policies. This initiative generated a 30% increase in customer engagement rates during the first quarter following its launch.

Core Component 2: Digital Transformation

Digital transformation is integral to Aviva's mission. The company is investing heavily in technology to streamline operations and enhance customer experience. In 2023, Aviva allocated £300 million towards IT and digital initiatives, marking an increase of 15% from the previous fiscal year.

As a result, Aviva reported a 25% reduction in processing times for claims, which improved operational efficiency significantly. The company aims to leverage data analytics to further enhance risk assessment and policy pricing.

Core Component 3: Agility and Innovation

Agility and innovation represent another critical component of Aviva's mission. The company is committed to fostering a culture of continuous improvement and responsiveness to market changes. In 2023, Aviva introduced new insurance products tailored for emerging risks, such as cybersecurity insurance, reflecting a proactive approach to innovation.

Moreover, Aviva achieved a 40% increase in its product development speed, allowing new offerings to reach the market faster than competitors. This was supported by cross-functional teams and agile methodologies that enabled rapid iteration and feedback integration.

Vision Statement of Aviva plc

Commitment to Customer Centricity

Aviva plc emphasizes a vision centered around its customers, aiming to deliver exceptional service and tailored products. In 2023, Aviva reported a customer satisfaction score of 87%, highlighting its dedication to understanding the needs of its clients and adapting its offerings accordingly.

Focus on Sustainable Growth

The company is committed to sustainable growth, both financially and in its operations. In 2022, Aviva announced a target of achieving a 15% reduction in its operational carbon footprint by 2025. As of Q2 2023, Aviva's investment portfolio includes over £7 billion allocated to sustainable investments.

Innovation and Digital Transformation

Aviva's vision includes leveraging technology to streamline operations and enhance customer engagement. In 2023, it invested £300 million in digital innovation, focusing on artificial intelligence and data analytics to improve its service delivery.

Strong Social Responsibility

Aviva plc recognizes the importance of corporate social responsibility as part of its vision statement. In 2023, it committed to contributing £1 billion to community initiatives by 2025. This includes funding education programs and supporting health initiatives across the UK.

Diversity and Inclusion

Aviva aims to foster an inclusive workplace that reflects the diversity of its customer base. As of 2024, the company reports that 45% of its executive roles are held by women, a figure that aligns with its goal of achieving 50% representation by 2030.

Core Values of Aviva plc

Customer Focus

Customer focus is a core value that drives Aviva plc's commitment to providing exceptional service and creating value for its clients. This value underpins Aviva’s initiatives to enhance customer satisfaction and retention.

Aviva has launched initiatives such as the 'Customer First' campaign, which aims to improve customer interactions and increase engagement. In 2023, Aviva reported a 17% increase in Net Promoter Score (NPS), indicating greater customer satisfaction. Furthermore, the company invested over £200 million in technology aimed at streamlining customer service operations.

Through its digital transformation, Aviva has successfully reduced customer wait times to under 5 minutes for calls and improved online service access, leading to an uptick in customer retention rates by 12%.

Integrity

Integrity is fundamental to Aviva's reputation and ethical practices. The company prioritizes transparency and responsible governance, fostering trust with stakeholders.

In 2023, Aviva was recognized as one of the top companies in the UK for corporate governance. The company has a rigorous compliance framework and conducted over 1,000 compliance audits to ensure alignment with regulatory standards. Aviva’s whistleblower program has also seen a 25% increase in reports, reflecting a culture of openness.

Diversity and Inclusion

Diversity and inclusion are integral to Aviva's workforce strategy. The company aims to create an equitable environment that champions diverse perspectives.

As of 2024, Aviva has achieved 50% gender diversity on its board, surpassing the FTSE 100 average. Initiatives like the 'Inclusive Leadership' training have been implemented, with over 7,500 employees completing the program by Q3 2023. Additionally, Aviva has committed £1 million to support diversity initiatives within the communities it serves.

Sustainability

Sustainability reflects Aviva's commitment to creating a positive impact on society and the environment. The company aims to lead in responsible investment and sustainable business practices.

In 2023, Aviva reduced its carbon emissions by 30% compared to 2019 levels and pledged to become a net-zero company by 2040. The company’s investment in sustainable projects reached over £1 billion, focusing on renewable energy and green infrastructure. Aviva has also established a biodiversity strategy to protect natural habitats, with initiatives targeting a 20% increase in biodiversity in areas where they operate.

Innovation

Innovation is key to Aviva's strategy for continuous improvement and adaptation to market demands. The company invests heavily in technological advancements to enhance service delivery and operational efficiency.

Aviva has launched several innovative products, including “Aviva Plus,” which offers customizable insurance policies. This product has drawn positive feedback, achieving 30,000 sign-ups within the first year. Additionally, Aviva has allocated £300 million towards technology and innovation across its services, resulting in a 20% increase in operational efficiency in 2023.