Feb 23, 2021

Aviva: Blanc cheque

The sale of Aviva's French business to mutual insurer Aéma Groupe for £2.8bn announced on Tuesday is a jaunty step forward. Priced at about nine times forward earnings, shareholders will welcome the sale as that exceeds Aviva's own multiple. No surprise then that Aviva's share price has jumped 45 per cent in less than four months. Once she completes the latest disposals, Aviva will be only 22 per cent weighted towards non-life. Possible deals with RSA's UK business or Direct Line further down the road would bolster Aviva's non-life exposure.

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