Search

Aviva completes share buy-back

PUBLISHED: 09:02 18 September 2018 | UPDATED: 09:54 19 September 2018

Aviva Group logo. Picture: Lloyd Sturdy/VisualMedia

Aviva Group logo. Picture: Lloyd Sturdy/VisualMedia

Lloyd Sturdy/VisualMedia

Aviva has completed a £600m shares buy-back.

Aviva group chief executive Mark WIlson. Picture: AvivaAviva group chief executive Mark WIlson. Picture: Aviva

The insurance giant announced the move in May as part of efforts to deploy £2bn of excess capital.

Under the terms of the buy-back Aviva said it purchased 119,491,188 shares at an average price of £5.02 per share.

Its announcement of the buy-back came hot on the heels of a £14m “goodwill payment” for shareholders, who lost out when it cancelled £450m worth of preference shares before making a u-turn on the plans.

The company, which employs 5,000 people in its home city of Norwich, also has plans to spend £900m on debt reduction and £500m on bolt-on acquisitions this year. The figures were first revealed in its annual results in March and confirmed at the time the share buy-back was announced.

Chief executive Mark Wilson said the £2bn of surplus capital was being deployed “productively” and would help to grow Aviva’s earnings.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad. Coronavirus is one of the greatest challenges our community has ever faced, but if we all play our part we will defeat it. We're here to serve as your advocate and trusted source of local information.

In these testing times, your support is more important than ever. Thank you.

Most Read

Digital Edition

cover

Enjoy the Evening News
digital edition

Subscribe

Most Read

Latest from the Norwich Evening News