Aviva PLC (LON:AV.) said it will decide how much it pays back to shareholders from its £7.5bn disposal programme once the final sale is completed later this year.
Under chief executive Amanda Blanc, the life and general insurer has exited eight operations in different countries to refocus on the UK, Ireland and Canada.
The Polish business was the last to be sold, for €2.5bn in March to Allianz.
Momentum is growing in its remaining areas, the insurer said in a trading update today, with net flows in Savings & Retirement up by 31% in the three months to end-March 2021.
General Insurance also recorded its best quarter ever in commercial business which helped group premiums rise by 4% while the underwriting ratio swung to a profit of 90.6% from a loss of 118.7% a year earlier.
Fund arm Aviva Investors is seeing improving flows and investment performance said the statement though since the end of the quarter the company’s UK Property Fund has been shut and is being wound down after a surge in redemption requests forced it to suspend withdrawals. The fund had £367mln in assets.
"We will provide a further update on the substantial capital returns to shareholders later in the year as we make progress with the completion of the divestments," Aviva added.
Blanc said the disposals had reduced debt by £1.9bn in the first half of 2021 with the borrowings ratio to be around 26% at the next half year.
“Our positive trading performance in the first quarter of 2021 reinforces our confidence in the targets we announced earlier in the year,” said Blanc.
“Nevertheless, we remain sharply focused on further improving performance, recognising we still have much more to do, to deliver stronger returns for our shareholders."