Mar 9, 2017
Aviva to return cash to shareholders after robust year
Aviva is to return cash to shareholders this year and raise its full-year dividend after reporting better than expected profits for 2016. Aviva would not confirm how much cash it would return, or whether it would be a special dividend or a share buyback. Tom Stoddard, chief financial officer, said that Aviva had about £800m of excess cash. Mr Wilson said that Aviva might also use its excess cash for acquisitions but they were likely to be small bolt-on deals, similar to last year's C$582m acquisition of RBC General Insurance in Canada. The cash return, and a 12 per cent increase in the dividend, came despite a set of results that was dented by last week's change to the so-called Ogden rate, which is the way personal injury compensation payments are calculated.
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