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Aviva completes £600m share buy-back

Aviva has completed a share buy-back programme worth nearly £600m, the life company has said in an update published today.

In spring the insurer said it was planning to buy back up to £600m of its own shares, in an effort to deploy £2bn of excess capital this year.

At the time the provider said it had “significant excess capital” and would use £900m for debt reduction, £500m for acquisitions and £600m for the share buy-back.

The update this morning confirms that Aviva acquired 119,491,188 shares at an average price of £5.02 per share – a total cost to the firm of £599.8m.

Aviva is a leading shareholder in consumer giant Unilever, and has also said this morning that it will vote against the consumer giant’s plan to move headquarters to the Netherlands in a key vote next month.

Aviva Investors chief investment officer David Cumming says: “Unilever’s decision appears to be a defensive response to recent governance challenges and consequently will not create any value for shareholders.

“Furthermore, a material number of long-standing supportive UK shareholders will become forced sellers due to the resultant removal of this high quality company from the FTSE All Share and FTSE 100 indices.”


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Pensions ombudsman sides with Aviva on pension loss case

A complaint that an Aviva system error kept an investor from retirement for five years and resulted in substantial financial distress has been rejected by the Pensions Ombudsman. The complainant – Mr D – held an Aviva Pension Plan until 2008, during which time he was underpaid £37,010.57 due to a fault in Aviva’s processing system […]

Aviva platform reports positive flows despite tech failures

Aviva says its platform business has grown despite a troubled technology upgrade that has frustrated many advisers. In its half year results this morning, Aviva says its advised platform “maintained positive net fund flows and increased assets under management despite the major IT migration project undertaken during the period”. Net flows were positive at £2.2bn, but […]


Aviva to start shares compensation this week

Aviva is set to start refunding investors who lost money in its preference share fiasco earlier this year. According to The Times, the payout scheme will open this week. In its full-year results in March, Aviva said it could cancel existing preference shares as one option for returning capital to shareholders. However, the provider was met […]


FCA and CII announce new exam to ‘reassess’ Level 4 qualifications

The FCA and Chartered Insurance Institute have announced a new test to reassess whether or not advisers with the Level 4 Diploma in Financial Planning still have sufficient knowledge. From 1 October, the Regulated Retail Investment Adviser Re-Evaluation assessment will be available after a collaboration between the FCA and CII aimed at raising the standards […]


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