The Lemon Fool

Posted: **July 6th, 2020, 8:21 pm**

monabri wrote:His wife is not well.

https://www.standard.co.uk/business/ama ... 89551.html

Final sentence from the link above....

"Shore said: “The new CEO is coming from outside the company so again can take a dispassionate decision on the dividend. The current 11% yield would suggest the market does not expect the dividend to be continued at the current level.”

Deja vu all over again. Aviva has been a serial 'rebaser' for decades

Posted: **July 6th, 2020, 9:53 pm**

RSA seems to have found some stability but Aviva just stumbles from one crisis to the next. [Deletion.] The new CEO Amanda just happened to have found herself on the Board in January 2000 and had time to familiarise herself with what is going on at Aviva and just happened to be on hand when they needed a new CEO.

At least she has some hands on insurance experience which will help. I have never held Aviva.

Dod

Moderator Message:
Please try to exercise some basic taste. - Chris

Posted: **July 6th, 2020, 10:47 pm**

Dod101 wrote:...

Moderator Message:
Please try not to make insinuations about other people's motivations on these boards. Firstly it is playing the man not the ball, which is against a fairly central tenet of this site, and secondly it could get the owners in legal trouble. Thanks. - Chris

Posted: **July 7th, 2020, 8:19 am**

Given all we have been told about solvency levels etc if Aviva does not restart the dividend it begs the question why does it exist. You may as well hand it over to the state as just another UK 'utility' business doing the governments bidding.

Posted: **July 8th, 2020, 8:11 am**

Until the business interruption disputes are resolved, I can see Aviva remaining cautious.

https://www.insurancebusinessmag.com/ca ... 27107.aspx

Posted: **July 8th, 2020, 8:39 am**

flyer61 wrote:Given all we have been told about solvency levels etc if Aviva does not restart the dividend it begs the question why does it exist. You may as well hand it over to the state as just another UK 'utility' business doing the governments bidding.

To be fair the UK regulators did not order insurance companies to cancel dividends, it said they needed to be very careful they had ample reserves to meet all possible claims in the current crisis. Aviva decided not to pay the dividend but Legal and General, who don't do much if any general insurance, decided they were appropriately financially robust and did pay it.

Aviva have been a weak business for decades, but not all insurers have been so poor.

Posted: **July 8th, 2020, 1:53 pm**

The update provided by Aviva on 8/4/2020 on Covid-19 &2019 Final Dividend includes the following:

"The Board fully recognises the importance of cash dividends to all of our ordinary shareholders, and expects to reconsider any distributions to ordinary shareholders in the fourth quarter of 2020."

So I'm expecting earliest date for the next dividend to be 2021 (probably the May dividend). In light of their update I blanked out all payments for this year (2020).

Best wishes,

Steve

Posted: **August 6th, 2020, 7:22 am**

FYI, I posted the interims over on HYP Practical here;

viewtopic.php?p=331286#p331286

Posted: **August 6th, 2020, 7:36 am**

steveam will be pleased that he is getting a modest second interim for 2019 although some ominous warnings for the future. yet another review. Not sure why people hold Aviva.

Dod

Posted: **August 6th, 2020, 8:17 am**

I note that this interim is in respect of 2019 and not 2020. They say

"While the Board continues to monitor the impact of COVID-19 and the economic outlook, we have decided to take the opportunity to review our longer term dividend policy, in light of our strategic priorities and the future shape of the group, with the objective of a sustainable pay-out. We will update shareholders on all dividend matters, including the 2019 final dividend in the fourth quarter of 2020."

So it is quite possible there will eventually be a small final divi for 2019 as well as an interim and a final for 2020. I take it from the new CEO's comments that the total dividend is going to be cut (sorry 'rebased') but that they are at last going to do the sort of radical things Maurice Tulloch couldn't bring himself to do (ie get out of markets where they are not a leader making good profits, and concentrate on markets where they are the leader)

Posted: **September 11th, 2020, 5:46 pm**

Aviva to sell Singapore business for $1.98 bln

https://uk.finance.yahoo.com/news/british-insurer-aviva-sell-singapore-140533705.html

SP has risen 5% on the news.

Maybe some relief in sight at last for long suffering shareholders.

Posted: **September 11th, 2020, 5:49 pm**

I don't know whether this is a good deal or a bad one (I am a holder).

Posted: **September 11th, 2020, 6:10 pm**

https://www.investegate.co.uk/aviva-plc ... 41227947Y/

It represents a p/e of 18.7 and increases Aviva's net asset value by 700m, so sold for well above book value.

Also demonstrates the new CEO is serious about simplifying this conglomerate.

Would be good if they got rid of the French subsidiary where one guy claims to have a golden ticket!
https://www.thisismoney.co.uk/money/new ... Aviva.html

Posted: **September 11th, 2020, 6:38 pm**

The deal sounds good from the RNS, but I would like to do a bit of research myself before concluding that it is good. I don't have the spare time for that.

Posted: **October 17th, 2020, 9:09 pm**

https://www.propertyfundsworld.com/2020 ... state-next

"Aviva Investors targets GBP10bn of investment into UK infrastructure and real estate in next three years"

Posted: **November 23rd, 2020, 10:37 am**

Aviva sell their Italian joint venture

https://www.investegate.co.uk/aviva-plc ... 00081397G/

Aviva plc ("Aviva") today announces that it has agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A. ("Aviva Vita" or the "Company"), to its partner UBI Banca (the "Transaction"). The Transaction represents another important strategic milestone as Aviva delivers on its commitment to refocus its portfolio.

On completion, Aviva will receive c.€400 million in cash consideration. The Transaction represents a multiple of 8.4x Aviva Vita's 2019 IFRS profit after tax, 1.0x Solvency II Own Funds at 30 June 2020 and 1.2x net asset value at 30 June 20201. In addition, a subordinated loan of €40 million provided by Aviva Italia Holding S.p.A. to Aviva Vita, will be repaid in full at completion.

Posted: **November 26th, 2020, 7:22 am**

AVIVA PLC THIRD QUARTER UPDATE

Here; https://www.investegate.co.uk/aviva-plc ... 00055450G/

Posted: **November 30th, 2020, 8:48 am**

Aviva completes sale of Aviva Singapore to SingLife.

https://www.investegate.co.uk/aviva-plc ... 07268908G/

Aviva received SGD 2.7 billion of total consideration, which is comprised of SGD 2.0 billion1 (£1.1 billion2) of cash and marketable securities, SGD 250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife.

As stated in the Q3 announcement, the cash proceeds will be used to support Aviva's debt reduction target.

Posted: **November 30th, 2020, 9:34 am**

For a perspective, Aviva's debt level has been £10bn (plus or minus £1bn) since 2015.

Posted: **November 30th, 2020, 9:46 am**

monabri wrote:For a perspective, Aviva's debt level has been £10bn (plus or minus £1bn) since 2015.

And it is not going to be much changed after this transaction. A good deal less than £1 billion in cash and still with a significant investment in Singapore. Just what is the point of this sort of transaction?

Dod

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