Mar 2, 2022

Aviva lifts capital return to £4.75bn

Aviva is returning £4.75bn to shareholders and has beefed up its cash generation and dividend guidance as part of chief executive Amanda Blanc's vision for a "Simpler, leaner" business, including a cost-saving move of the insurer's London headquarters. On Wednesday, Aviva said it had generated £1.6bn in adjusted operating profit last year, largely in line with analyst forecasts, and driven by a strong performance in its general insurance business. Aviva last year promised a capital return of "At least" £4bn, of which a £1bn share buyback is ongoing. Aviva added a target to generate £1.5bn of Solvency II own funds, a regulatory measure of insurer capital, per year by 2024. Citing the cash flow targets, Cevian said on Wednesday that Aviva still had capacity for a "Substantially higher" dividend, equivalent to a 50p-per-share cash return in 2024, compared with the 33p indicated by the insurer for 2023.

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