Aviva PLC (LON:AV.) shares received a boost following a report the insurer is planning a £1bn share buyback plan.
Chief executive Mark Wilson is expected to reveal the plan at an investor day this week, The Sunday Times reported.
READ: Barclays expecting Aviva to launch £1bn buyback scheme and pay off £500mln of debt in 2018
The company has £1.5bn of excess capital to deploy, the newspaper said, citing estimates from Barclays.
In late afternoon trading, Aviva shares were 1%, or 5.1p higher at 504.5p.
Wilson is also expected to indicate the repayment of expensive bonds. Additionally, he may possibly announce the group’s intention to make further small corporate acquisitions.
Since Wilson joined five years ago, Aviva has generated about £14bn of capital, well ahead of the Bank of England’s minimum buffer requirements.
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