Company
LON:AV.
Aviva is the world's fifth-largest insurance group and the biggest in the UK. Aviva is one of the leading providers of life and pensions products in Europe and have substantial businesses elsewhere around the world.
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“As we simplify Aviva's portfolio, we will deliver further value to shareholders by returning excess capital above 180% solvency cover ratio, once our debt leverage target ratio has been reached,” said new boss Amanda Blanc
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At the close, the UK blue-chip index was 25.16 points, or 0.4% lower at 6,362.93, above the session low, but well below the opening peak
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The insurer, drinks firm and water utility were all among the notable names in Thursday's diary.
“We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders,” said boss Amanda Blanc
"The sale of Aviva Singapore is a significant first step in our new strategy to bring greater focus to Aviva's portfolio."
Aviva said it is reviewing its dividend policy going forward
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Aviva, ITV and Serco Group are all among the notable names in the diary for Thursday.
Amanda Blanc is replacing Maurice Tulloch, who is retiring for family health reasons after a year in the role
The life insurer’s solvency ratio fell to 182% at the end of March, above the top end of its target range but down from 206% three months earlier
Also including fellow FTSE 350 pair Direct Line and Hiscox, the insurers all assured that their capital, liquidity and funding positions remain strong
Independent valuation firms have said it is impossible to accurately value property given the major economic uncertainty due to the coronavirus
Operating profit for 2019 was a record £3.2bn, up 6% on the previous year after a stronger second half
Aviva was downgraded to ‘equal weight’ as analysts now view excess distributions to shareholders as “significantly less likely”
The US bank’s target price was reduced to 414p from 460p primarily driven by around a 1% increase in cost of capital for those of its businesses it values on a DCF basis
"Fundamentally Aviva strategy calls for a slow burn story that requires consistent execution versus the more aggressive action regarding the shape of the group that some were hoping," said analysts at Citi
The FTSE 100 insurer said retaining the business would provide the most value for shareholders, however, it is still considering options for its operations in Hong Kong, Vietnam and Indonesia
Tulloch said the board had also “considering a range of options” for Aviva's Asian businesses, saying the unit has “excellent growth and earnings potential”
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"Chinese exports and imports in July both came in better than expected, and that added to the feel-good factor," noted analyst David Madden.
Broker upgraded Hastings Group to 'buy' as it would be most affected by a pricing upturn in the motor insurance market
Aviva said that while the combined life and non-life operations had led to some new business wins it had increased complexity and not delivered expected efficiency benefits.
