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Re: Aviva (AV.)
Posted: November 30th, 2020, 11:02 am
by monabri
monabri wrote:For a perspective, Aviva's debt level has been £10bn (plus or minus £1bn) since 2015.
I make it ~£935m cash which is more than a full years dividend.
£0.21 x 3950 million shares = £830m (approx).
Re: Aviva (AV.)
Posted: December 16th, 2020, 3:20 pm
by idpickering
Re: Aviva (AV.)
Posted: February 23rd, 2021, 7:22 am
by idpickering
Aviva approves sale of its French Business
Aviva's strategic transformation to focus on its strongest businesses in the UK, Ireland and Canada has taken a major step forward with the sale1 of Aviva France to Aéma Groupe for €3.2bn2 in cash.
Key highlights:
· Significantly strengthens Aviva's capital and liquidity with an increase in excess capital3 of c. £2.1bn and centre cash3 of c. £2.8bn
· Realises significant value for shareholders: all cash consideration at 0.8x Solvency II own funds4
· Provides security to employees and continuity of service to customers under new ownership
https://www.investegate.co.uk/aviva-plc ... 00030165Q/
Re: Aviva (AV.)
Posted: February 23rd, 2021, 7:49 am
by scrumpyjack
idpickering wrote:Aviva approves sale of its French Business
Aviva's strategic transformation to focus on its strongest businesses in the UK, Ireland and Canada has taken a major step forward with the sale1 of Aviva France to Aéma Groupe for €3.2bn2 in cash.
Key highlights:
· Significantly strengthens Aviva's capital and liquidity with an increase in excess capital3 of c. £2.1bn and centre cash3 of c. £2.8bn
· Realises significant value for shareholders: all cash consideration at 0.8x Solvency II own funds4
· Provides security to employees and continuity of service to customers under new ownership
https://www.investegate.co.uk/aviva-plc ... 00030165Q/
Looks good for Aviva, but I see they haven't completely got rid of Herve's 'golden ticket'
'As part of the transaction with Aéma Groupe, Aviva has agreed to customary warranties and indemnities. This includes a specific indemnity agreement in respect of the 'known price' contracts, written by Abeille Vie between 1989 and 1997, that would share the risk in the unlikely scenarios of certain costs in respect of these contracts rising above Aviva France's already appropriate existing provisions. This will have a negligible impact on Aviva's solvency position.'
Re: Aviva (AV.)
Posted: February 23rd, 2021, 7:53 am
by Dod101
The new CEO has done the easy bit. All she needs to do now is decide where what is left of Aviva is going.
Dod
Re: Aviva (AV.)
Posted: February 23rd, 2021, 8:39 am
by Arborbridge
Dod101 wrote:The new CEO has done the easy bit. All she needs to do now is decide where what is left of Aviva is going.
Dod
And what will happen to Willy Wonka and his Golden Ticket???????
Re: Aviva (AV.)
Posted: February 24th, 2021, 3:56 pm
by monabri
https://www.investegate.co.uk/aviva-plc ... 00041076Q/Aviva announces exit from Turkey
"Aviva plc ("Aviva") has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS ("Aviva SA"), to Ageas Insurance International N.V. for a cash consideration of £122 million."
Re: Aviva (AV.)
Posted: February 24th, 2021, 4:28 pm
by scrumpyjack
Arborbridge wrote:Dod101 wrote:The new CEO has done the easy bit. All she needs to do now is decide where what is left of Aviva is going.
Dod
And what will happen to Willy Wonka and his Golden Ticket???????
See my post 2 before yours. They share the liability with the purchaser if it exceeds the existing provision
Re: Aviva (AV.)
Posted: February 25th, 2021, 11:59 am
by Bouleversee
Tempus in The Times today recommended Aviva as an obvious buy which sent the s.p. down a bit further rather than up. I have to say they have done nothing for me since I bought, still showing a loss, and I can't say I feel particularly inclined to top up, although according to Tempus "they trade at just 7 times Panmure Gordon's forecast earnings and the dividend yields 6 %, so perhaps I should.
Re: Aviva (AV.)
Posted: February 25th, 2021, 12:10 pm
by Arborbridge
Aviva is a strange semi-aquatic animal which spends most its time underwater - despite my having topped up at various prices since 2007. Even on a XIRR basis, it has only returned 0.98% since then. Not a brillliant success - I'm still waiting for the value to "out" which Pyad saw all those years ago.
Over the years, various people - Luni and Dod, I remember - have pointed out that Aviva is a serial loser for its shareholders, and they have been proved correct.
Pitiful, but not an almost complete loss like some have been.
Arb.
Re: Aviva (AV.)
Posted: February 25th, 2021, 12:14 pm
by Bouleversee
Thanks, Arb. It's all a bit pie in the sky. I'll continue to hold in the hope that it does buck up and if that forecast earnings figure turns out to be correct, it's hard to beat that return but I hope it won't be coming out of my capital.
Re: Aviva (AV.)
Posted: March 4th, 2021, 7:16 am
by idpickering
Prelims downloadable via here;
https://www.aviva.com/investors/results/Also posted on HYPP.
Re: Aviva (AV.)
Posted: March 26th, 2021, 7:06 am
by idpickering
Aviva announces sale of Aviva Poland
Aviva plc ("Aviva") has reached a significant milestone in the execution of strategy, with the agreement to sell its entire shareholding in Aviva Poland1 to Allianz for a cash consideration of €2.5 billion, valuing the acquired business2 at €2.7 billion. Aviva will now focus on its strongest businesses in the UK, Ireland and Canada where it has leading market positions and strong growth potential. The divestment of Aviva Poland is the eighth transaction Aviva has announced in the past eight months, and this successfully concludes the planned refocus of the Group's portfolio.
Key highlights:
· Realises significant value for shareholders: all cash consideration at 16.9x IFRS profit after tax3, 5.7x IFRS net asset value3 and 2.3x Solvency II Own Funds3
· Significantly improves Aviva's financial strength with an increase in excess capital3,4 of £1.5 billion and Solvency II cover ratio3,4,5 by c. 13 percentage points
· Uplift in IFRS net asset value3,4 of £1.8 billion, representing a 46 pence per share increase from 31 December 2020 IFRS net asset value per share of 493 pence
https://www.investegate.co.uk/aviva-plc ... 00045693T/
Re: Aviva (AV.)
Posted: March 26th, 2021, 7:38 am
by Dod101
I must say that if you want to make sense of this announcement you need to make sure you read and interpret the notes at the foot of the announcement as well as the main text. Once all these deals complete they will have no further excuse not to do well but there looks as if there is still a lot to sort out in terms of debt reduction and so on plus returning some cash to shareholders.
Dod
Re: Aviva (AV.)
Posted: March 26th, 2021, 10:46 am
by GoSeigen
Very odd wording here:
in due course we will make a substantial return of capital to shareholders.
I suppose this could be achieved with a purchase of shares in the market, but it will be interesting to see what preference shareholders make of it and how they are handled. I suspect they will not receive anything and see a load of capital walk out the door. Hopefully any buyback is done at a much higher share price than today...
GS
Re: Aviva (AV.)
Posted: March 26th, 2021, 10:58 am
by Dod101
I cannot say I see anything 'very odd' about the wording, not that it bothers me since i do not hold Aviva anyway, but the fact is that it is going to be a much smaller company after all the deal complete and they will throw up excess capital apparently (even after they pay down their debt. Sounds as though they are just keeping their options open.
Dod
Re: Aviva (AV.)
Posted: March 26th, 2021, 11:29 am
by dealtn
GoSeigen wrote:Very odd wording here:
in due course we will make a substantial return of capital to shareholders.
Hopefully any buyback is done at a much higher share price than today...
GS
To coin a phrase, very odd wording here. I would much rather a company I own performs a share buyback with a lower price. I would also prefer any company I own to deliver shareholders a higher price. But they are different things.
Re: Aviva (AV.)
Posted: March 26th, 2021, 11:53 am
by GoSeigen
dealtn wrote:GoSeigen wrote:Very odd wording here:
in due course we will make a substantial return of capital to shareholders.
Hopefully any buyback is done at a much higher share price than today...
GS
To coin a phrase, very odd wording here. I would much rather a company I own performs a share buyback with a lower price. I would also prefer any company I own to deliver shareholders a higher price. But they are different things.
I don't see that they're different. As a shareholder I want to acquire shares at a low price, and have them bought off me at a high price. Struggling to see what is strange about that.
As a preference shareholder I'd not be so pleased, but they (pref holders) have already made clear they don't want their capital returned so I guess they will need to accept whatever scraps are thrown to them by way of a dividend... and at 6 yield they need 14 years of payments to get their money back.
GS
Re: Aviva (AV.)
Posted: March 26th, 2021, 11:57 am
by dealtn
GoSeigen wrote:dealtn wrote:GoSeigen wrote:Very odd wording here:
in due course we will make a substantial return of capital to shareholders.
Hopefully any buyback is done at a much higher share price than today...
GS
To coin a phrase, very odd wording here. I would much rather a company I own performs a share buyback with a lower price. I would also prefer any company I own to deliver shareholders a higher price. But they are different things.
I don't see that they're different. As a shareholder I want to acquire shares at a low price, and have them bought off me at a high price. Struggling to see what is strange about that.
As a preference shareholder I'd not be so pleased, but they (pref holders) have already made clear they don't want their capital returned so I guess they will need to accept whatever scraps are thrown to them by way of a dividend... and at 6 yield they need 14 years of payments to get their money back.
GS
As a shareholder they are spending my money, so I much prefer them to be buying at a lower price.
As a shareholder I want to be buying low and "having them bought off me at a high price" too. Who is buying them from me, in the secondary market is irrelevant.
Re: Aviva (AV.)
Posted: March 26th, 2021, 12:34 pm
by GoSeigen
dealtn wrote:GoSeigen wrote:dealtn wrote:
To coin a phrase, very odd wording here. I would much rather a company I own performs a share buyback with a lower price. I would also prefer any company I own to deliver shareholders a higher price. But they are different things.
I don't see that they're different. As a shareholder I want to acquire shares at a low price, and have them bought off me at a high price. Struggling to see what is strange about that.
As a preference shareholder I'd not be so pleased, but they (pref holders) have already made clear they don't want their capital returned so I guess they will need to accept whatever scraps are thrown to them by way of a dividend... and at 6 yield they need 14 years of payments to get their money back.
GS
As a shareholder they are spending my money, so I much prefer them to be buying at a lower price.
As a shareholder I want to be buying low and "having them bought off me at a high price" too. Who is buying them from me, in the secondary market is irrelevant.
??? They're NOT spending your money, they're returning your capital! It's the opposite of spending your money.
Why should the buyer be someone in the secondary market? Why can't it be the issuing company? They're either going to buy your shares off you or give the capital back some other way. Better they buy them at a high price surely? [Quite apart from the fact that you voted and authorised them to buy the shares in the first place!]
GS