The Lemon Fool

kempiejon wrote:I have been in and out of Aviva a few times over the years, managed to make a dollar in the early 2000s when I was trying to trade cheap shares. Then a few years later when bought it for income it came unstuck and spent about a decade whipsawing the dividend every 3 or 4 years.
I still have a bit and the income has been moving in the right direction again albeit from a lower base. It has recovered to above pre covid levels now and I would be happy if that trend continued. A takeover is always a frustration as it sometimes leaves me with a share I hadn't picked or at the least a corporate action to decide about.

Aviva plc ("Aviva" or the "Group") is today hosting an 'In Focus' investor and analyst briefing on its wealth business. The event, which commences at 10:00am (GMT), will be hosted by Amanda Blanc, Group CEO, and presented by Doug Brown, CEO, Insurance, Wealth & Retirement, and Michele Golunska, MD Wealth & Advice.

Please note that the dates below are provisional and may be subject to change.

Continued capital-light growth momentum

• General Insurance gross written premiums (GWP) up 13% at constant currency to £8.0bn. UK&I GWP up 15% and Canadian GWP up 11% at constant currency, both driven by strong rate, new business volumes and retention.

• Group undiscounted combined operating ratio (COR) was 96.3% (9M224: 94.2%), reflecting the impact of Q3 wildfires and other adverse weather in Canada, offset by continued rate increases and disciplined underwriting. On a discounted basis the Group COR was 92.5% (9M224: 93.1%).

• Protection & Health sales2, were up 23% with strong growth in Individual Protection, and in Health which was supported by higher corporate new business.

• Wealth net flows of £6.4bn represented 6%3 of opening assets under management, but were 9% lower than 9M22 due to the impact of the challenging market volatility on Platform. Workplace net flows were up 26% to £5.1bn (9M22: £4.1bn) driven by strong new business and the impact of wage inflation.

• Retirement sales2, were up 2% with higher BPA and Individual Annuity volumes. Year-to-date BPA volumes are
c.£5.5bn as at the date of this update.

• Q3 YTD baseline controllable costs5 of £2.0bn were down 1% versus 9M22. This reflects our strong focus on cost efficiency in an inflationary environment. We remain on track to deliver our £750m cost reduction target this year, a year earlier than planned.

Aviva plc ("Aviva") today announces the acquisition of Optiom O2 Holdings Inc ("Optiom") from Novacap and other minority shareholders for consideration of c.£100m1 (c.CAD$170m). Optiom, which operates as a managing general agent ("MGA"), is a leading provider of vehicle replacement insurance in Canada and offers flexible payment options to customers.

The acquisition expands Aviva's capital-light businesses, which make up over half of Aviva's portfolio, and grows Aviva Canada's presence in a profitable segment of the Canadian insurance market. As an existing underwriting capacity provider for Optiom, the transaction provides an opportunity for Aviva Canada to increase its access to an attractive line of business, while securing a stable, growing stream of distribution income. Optiom's strong distribution relationships will allow Aviva Canada to reach additional customers, who will receive best in class service alongside existing Aviva Canada customers.

idpickering wrote:Aviva to exit Singlife joint venture.

· Aviva to exit Singlife joint venture for total consideration of £0.8 billion, including sale of debt instruments1,2,3

· Transaction further simplifies the group's geographic footprint and supports the focus on capital-light business units

Aviva plc ("Aviva") today announces that it has agreed to sell its 25.9% stake in Singapore Life Holdings Pte Ltd ("Singlife"), together with two debt instruments, to Sumitomo Life Insurance Company ("Sumitomo Life") for total consideration of £0.8 billion (SGD 1.4 billion) payable in cash at closing.1,2,3 Sumitomo Life will pay consideration of £0.5 billion (SGD 0.9 billion) for Aviva's equity stake and £0.3 billion (SGD 0.5 billion) for the two debt instruments. Sumitomo Life is currently a 23.2% shareholder in Singlife and sees Singapore as a key market within its overall Southeast Asia strategy.

Amanda Blanc, Group Chief Executive Officer of Aviva, said:

"This is a good outcome for Aviva. The transaction further simplifies the business and we are in a very strong position to build on our trading momentum in the UK, Ireland and Canada."

In 2022, Singlife contributed £17 million to Aviva's operating profit.4 The combined carrying value of the equity stake and debt holdings contributed £729 million to Aviva's IFRS 17 net asset value as at 30 June 2023. The transaction would have increased Aviva's Solvency II shareholder surplus as at 30 June 2023 by £0.4 billion and the Solvency II shareholder ratio by c.8 percentage points.1 It would have increased centre liquidity by £0.8 billion.1 The equity value represents a multiple of 2.2x Solvency II Unrestricted Tier 1 capital as at June 2023.

Aviva's exit from the Singlife joint venture represents a further step in the simplification of Aviva's footprint following the international disposal programme completed in 2021. It is also consistent with the group's ambition to focus on its capital-light business units. Aviva sold its majority stake in Aviva Singapore to a consortium led by Singlife in 2020.

The disposal proceeds will be considered alongside Aviva's existing capital management framework. Under this framework, any surplus capital is available for reinvestment in the business, bolt-on M&A, and/or additional returns to shareholders.

The transaction is subject to customary closing conditions, including regulatory approvals where required, and is expected to complete in Q4 2023.

https://www.investegate.co.uk/announcem ... al/7751786

Ian.

Aviva plc ("Aviva") today announces that its Canadian business has completed the acquisition of Optiom O2 Holdings Inc ("Optiom") for consideration of c.£100m1 (c.CAD$170m). The acquisition supports Aviva's capital-light growth in the attractive Canadian market and strengthens Aviva Canada's specialty lines business and distribution capabilities.

The acquisition of Optiom was announced on 27 November 2023.

Aviva plc ("Aviva") today announces the acquisition of Probitas1 for consideration of £242 million2. The transaction includes the acquisition of Probitas's fully-integrated Lloyd's platform, encompassing its Corporate Member, Managing Agent, international distribution entities and tenancy rights to Syndicate 1492.

Amanda Blanc, Group Chief Executive Officer of Aviva, said:

"This acquisition is another step in our strategy to invest in Aviva's future profitable growth. Aviva's presence in the Lloyd's market opens up new opportunities to accelerate growth in our capital-light General Insurance business."

Amanda Blanc, Group Chief Executive Officer, said:
"We have made significant progress in 2023. Sales are up, costs are down, and operating profit is 9% higher. Our position as the UK's leading diversified insurer, with major businesses in Canada and Ireland, is clearly delivering. Today we have raised our total dividend by 8% to 33.4 pence and have now returned more than £9bn in capital and dividends to shareholders over the last three years.

"We have generated strong organic growth, especially in our capital-light businesses, which make up over half our portfolio. General insurance premiums increased by 13% on the back of strong performances in Canada and the UK. We are the number one provider of workplace pensions, and this business continues to thrive, with a record £6.9bn of net flows, boosted by winning 477 new schemes during the year. Our private health business is experiencing strong demand from businesses and individual customers and sales grew 41% in 2023. The higher interest rate environment boosted the bulk annuity market, where we secured excellent volumes of £5.5bn at strong margins.

"We are building a clear track record of strong and consistent performance. In each of the last three years we have grown sales, operating profit and our dividend. This momentum gives us increased confidence for Aviva's future, and so today we are announcing a new £300m share buyback programme, upgrading our dividend guidance to mid-single digit cash cost growth, and upgrading our Group financial targets.

"Aviva is financially strong. We are trading consistently well. Our prospects have never been better. We have leading businesses in growing markets, a fantastic brand, and we are investing substantially to make service better for our 19m customers. All the ingredients are in place to ensure Aviva continues to deliver an outstanding performance for our customers and our shareholders. I'm certain we will."

Strong 2023 results with continued profitable growth momentum

• Group operating profit‡,1 up 9% to £1,467m (20222: £1,350m).

• Solvency II operating own funds generation‡ (Solvency II OFG) up 12% to £1,729m (20223: £1,540m), which included a £208m initial benefit from two partnership extensions in IWR. Solvency II OFG excluding management actions and other up 28%.

• Solvency II operating capital generation‡ (Solvency II OCG) up 8% to £1,455m (20223: £1,352m).

• Solvency II return on equity‡ 14.7% (20223: 9.9%).

• Cash remittances‡ of £1,892m up 3% (2022: £1,845m).

• General Insurance premiums‡,5 up 13%6 to £10,888m (2022: £9,749m). Undiscounted COR‡ of 96.2% (20222: 95.2%) and discounted COR of 92.7% (2022: 94.3%).

• Insurance, Wealth & Retirement (IWR) operating value added‡ up 13% to £1,849m (2022: £1,635m).

• Baseline controllable costs‡,7 down 1% at £2,734m, more than offsetting inflation. Our continued focus on cost efficiency has enabled us to deliver our £750m cost reduction target a year early.

• IFRS profit for the year8 of £1,106m (20222: loss of £1,030m).

monabri wrote:Finished up 1.6% on the day......just WHAT does a UK company have to do ?

Aviva plc ("Aviva") today announces that it has completed the disposal of its shareholding in Singapore Life Holdings Pte Ltd ("Singlife"), together with two debt instruments, for total proceeds of £937m (SGD 1.6 billion).

The disposal of Aviva's shareholding in Singlife, together with the two debt instruments, was first announced on 13 September 2023.

The Company announces that it has today made available to shareholders the Notice of 2024 Annual General Meeting and the Form of Proxy.

Aviva plc ("Aviva") today announces that, following receipt of all necessary approvals, it has completed the acquisition of AIG Life Limited ("AIG Life UK") from Corebridge Financial, Inc, a quoted subsidiary of American International Group, Inc ("AIG"), for consideration of £453m.

The acquisition of AIG Life UK was first announced on 25 September 2023.

Aviva plc ("Aviva" or the "Group") is today hosting an 'In Focus' investor and analyst briefing on its Health business. The event, which commences at 10:00am (BST), will be hosted by Charlotte Jones, Group CFO, and presented by Doug Brown, CEO, Insurance, Wealth & Retirement, and Steve Bridger, Managing Director, Health.

Health is a core component of Aviva's strategy as it accelerates growth in capital-light areas, grows customer numbers and serves more of their needs. It plays a critical role as part of Aviva's insurance proposition, because of the fundamental, and increasing, importance of health to all of Aviva's customers and to the whole UK population.

Aviva plc announces the results of its Annual General Meeting held today. All resolutions were voted on by way of a poll and were passed.

The total number of votes received on each resolution is as follows:

Amanda Blanc, Group Chief Executive Officer, said:

"This is another set of excellent results, extending our track record of consistently strong trading. Our diversified business model is continuing to deliver, and we are growing right across the Group.

"We accelerated new business sales in our capital-light businesses: General Insurance premiums increased 16% to £2.7bn and our workplace pensions business generated net flows of £2bn as we won 136 new schemes. The bulk purchase annuity market also continues to be active, with Retirement sales up 13%.

"Aviva is in great health. We are financially strong, we are trading well, and our investments in new products and customer service are paying off. We have clear competitive advantages - in our brand, our scale, and our diverse business - which are driving consistently strong performance, and giving us real optimism about 2024."

Continued capital-light growth momentum

• General Insurance premiums up 16%2 to £2.7bn.

• UK GI premiums up 19% to £1.7bn with 27% growth in personal lines reflecting continued strong rate discipline in the high inflationary environment, and new business growth. Commercial lines grew 10%.

• Canada GI premiums up 11%2 to £0.9bn with personal lines up 16%2 driven by rating actions on the existing book and new business growth. Commercial lines grew 5%2.

• Group undiscounted combined operating ratio (COR) of 95.8% (Q123: 95.4%). An improvement in the UK COR as the rating actions taken earn through was offset by an increased Canadian COR. Discounted COR of 92.0%.

• Protection & Health sales were up 5%, driven by continued growth in Protection.

• Wealth net flows of £2.7bn were up 15% on the prior year with double-digit growth in Workplace, up 13%, and in Platform up 24%.

• Retirement sales were up 13% driven by higher BPA volumes. Retirement margin improved to 2.9% (Q123: 1.9%) as we focused on pricing discipline.