Aug 3, 2017

Aviva signs 10-year distribution deal with HSBC

Aviva has entered into a 10-year distribution deal with HSBC in what the insurer says is one of the largest transactions of its kind signed in the UK. Mark Wilson, the insurer's chief executive, said the agreement would generate hundreds of millions of pounds of premiums for Aviva, and that it had fought off rivals to the deal. Aviva did not release any financial details of the deal, which covers policies such as car and home insurance and expands an agreement the companies had in place. The news came as Aviva reported its results for the first six months of the year. Aviva's shares, which have risen by more than two-fifths in the past year, were up 2 per cent on Thursday in response to the results. He added: "We believe Aviva's solvency position is overly strong . . . and additional cash flows will be used for capital return rather than to strengthen its solvency position further. Aviva is currently doing a £300m buyback programme and it is slightly disappointing that there is no further announcement in these results."

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