Aviva completes share buy-back
PUBLISHED: 09:02 18 September 2018 | UPDATED: 09:54 19 September 2018
Aviva has completed a £600m shares buy-back.
The insurance giant announced the move in May as part of efforts to deploy £2bn of excess capital.
Under the terms of the buy-back Aviva said it purchased 119,491,188 shares at an average price of £5.02 per share.
Its announcement of the buy-back came hot on the heels of a £14m “goodwill payment” for shareholders, who lost out when it cancelled £450m worth of preference shares before making a u-turn on the plans.
The company, which employs 5,000 people in its home city of Norwich, also has plans to spend £900m on debt reduction and £500m on bolt-on acquisitions this year. The figures were first revealed in its annual results in March and confirmed at the time the share buy-back was announced.
Chief executive Mark Wilson said the £2bn of surplus capital was being deployed “productively” and would help to grow Aviva’s earnings.
If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.