I hold these stock.

DYOH (do your own homework.)

To-day there was a slight drop in price, but number of analysts are giving favourable reports.

What triggered my interest was better than expected results and if I am right looking at charts it shows an inverted head and shoulders. Hopefully a good sign. Also the current rate of Share price growth is about 90% pa over the last 5weeks. This is unlikely to continue indefinitely but SP could hit 850p over next few weeks.

To-day at close, there were some large buys of about 5million shares. 40million approx.

Another trigger for me was the following which should increase earnings.

Aviva to form JV in Taiwan with First FinancialAFX
LONDON (Thomson Financial) - Aviva PLC, the UK's largest insurer, said it has entered into a joint venture with First Financial Holding Co Ltd to sell insurance and pension products in Taiwan. The joint venture company, First-Aviva, will distribute long-term savings and pension products in Taiwan through an exclusive agreement with First Financial's flagship unit, First Commercial Bank. Aviva, which will have a 49 pct stake in the joint venture, added that the initial paid up capital of the new company will be 34 mln stg.First Commercial Bank is Taiwan's second largest bank network, with five mln retail customers, it added.TFN.newsdesk@thomson.comkkb/faj/slm




Date: Wednesday 25 Apr 2007
LONDON (ShareCast) - If the message gets home that Aviva will not bid for Prudential, the stock should rebound strongly, especially if Aviva can sustain its current impressive performance. There is still work to be done but, at 794.5p, the shares are a strong buy says the Independent.
Date: Tuesday 24 Apr 2007
LONDON (ShareCast) - Aviva stood out among the risers on a tough day for blue chip stocks. The life insurer posted an upbeat first quarter statement with brokers pleased with the numbers.



DYOH

What has gone wrong with these shares?
3 weeks ago these were 7.50 and now 6.25.I can understand why the banks are going down and that the ftse has dropped but to lose 17%.Even last week one day the ftse was up 70 points these went up by half a penny,all i can come up with is that the shares has fallen out of favour and the big boys are waiting for a big drop and then they will buy back.

Just dipped my toe - hoping for defensive qualities.....

I having been tipping my toe also this year, and will take advantage if markets continue to weaken. Good 6% dividend which is covered over 3x

The last interims looked strong, and last time I looked, the brokers were still very positive with 9 buys against 1 hold. I know we shouldn't rely brokers forecasts, but I would rather have these forecasts than 9 sells and 1 hold.

Yep, income generating in a solid, if unexciting sector. Just what's needed at the moment I think.

Discussed on The Four Wise Monkeys for the second time, on episode 15. David Stevenson (FT/Investors Chronicle) has now joined Paul Dolman-Darrall (Private Investor Champ) as an investor. http://www.4wm.co.uk

I suggested this share last year and lost a about 4K before being stopped out. Could have got out at a small profit. Looking at the chart I feel there is little to recommend going long. Unless the India part of the company does better than expected I think a short would be more more appropriate in today's climate.


It is funny how losses burn even after a long period.

DYOH

The sp has fallen of the edge of a cliff these last few weeks, now down to below 250p. With such a large fall I would have hoped to have seen a statement from them, I know we have a trading statement out on tuesday, but I would still expect some comments.

Released today Panmure Gordon has a buy for Aviva (LSE: AV.L - news) , cutting target to 650p from 751p. So lets hope for a positive trading update on Tuesday to stop the rot.

LONDON, Oct 21 (Reuters) - Hundreds of thousands of pension savers and life bond holders with Friends Provident and Aviva unit Norwich Union face hefty charges if they wish to leave their funds early, reports the Financial Times.

The paper said some of the charges could reduce the value of people's policies by up to 22 percent.
The two companies, along with a number of other big insurers, removed the charges, known as market value reductions (MVRs), more than a year ago when investment conditions across the funds were more stable, but now they are reinstating them, reports the paper.

John Lister, chief actuary at Norwich Union, said in a statement Tuesday: 'Since the beginning of the year we have seen equity markets, commercial property and corporate bonds fall significantly in value.
'As a result we have reviewed the situation and have decided to introduce MVRs for policyholders who have unitised with-profits policies and who wish to make a partial or total withdrawal.'
I also know that employees of N.U. have ben told that they must increase their current pension contributions by x2.

sell to 150p.

Just as a matter of interest, why 200p (or even 150)?
Sp hasn't been that low in the last 10 years.

I changed it Harry from 200p to 150p just market sentiment thats all.

Hit hard again today when will it ever end..?

when conservatives win election.

expect next 10 years to be awful anyway.......maybe next 20 years even!!!

I agree the next 10 years are going to be awful whoever gets in.

Trading statement tomorrow?

Yes Harrycat, if I was a brave investor I would have brought today before trading statement, but better play safe and read the update first.

Topped up this morning after reading trading update, which was ahead of forecast, also saw a good interview last night on Sky with Andrew Moss whichgave me some confidence.

AV. the leading gainer today up to 304p which is 17%, hopefully after digesting the 3rd quarter trading update, the conclusion will be that negative sentiment has been overdone. I noted that AV. said they have 1.3bn of capital reserves and that another 20% fall in stockmarkets would reduce this by 400m.

And when Andrew Moss was interviewed he said that sales had been very strong in August and stronger again in September. It's the first time I have seen him interviewed, and he came across as very level headed and a safe pair of hands.

Finished up 25% today, not bad............

If you think about it, it's only in the last 4 to 6 weeks that a major company with such a large one day movement is accepted as normal. Well nearly normal.

Good to see the directors buying today at 275p, this was the first opportunity to buy after the closed period.

Looking at where the sp has settled now, we are still in the bear channel from February 2007. Would need to see a break out over 560p before we could look at a new trend. The spike down below 250p is by far the largest spike seen in 10 years either way, it could have been a Kangaroo tail which could signal that a lack of volume to support the sp. But sometimes these can mark a change in sentiment.

But in conclusion I think we will stay in the bear channel for another 3 to 4 months, before the huge financial stimulus across the developed world starts to feed through.

With the sp down to 330p today we are just below the lower bear channel at 350p, so we should know soon if we are still in this channel.

Bought a few of these myself this morning, chart looks pretty good with a reasonable breakout from what looks a base.

Broker BUY forecasts out yesterday...

Aviva PLC

FORECASTS
2008 2009

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

WestLB
16-12-08 BUY 33.00 34.65

SG Securities [D]
16-12-08 BUY 40.56 36.31 73.68 39.57

Current sp 282p. Nearing it's 1 year low, with up-side to 400p lately. Well defined resistance level, support level slightly more tenuous.

Plenty to plough through here.

Sorry don't have the time this morning to post individual links.

See summary of trading update below...........

Insurance giant Aviva stated today that capital and liquidity remains strong and it will maintain its dividend policy. The group reported global long term savings sales up 1% to 40.3bn, or down 7% in local currency terms.

Life and pensions sales were up 11% to 36.3 billion (up 2% on local currency basis), with sales figures reported on Market Consistent Embedded Value (MCEV) basis for the first time.

Aviva reported its highest ever UK life and pensions sales at 11.9bn, while in Europe life and pension sales were up 8% to 17bn, buoyed by the strength of the euro (down 7% on local currency basis).

In North America the group's target to double sales in three years achieved a year ahead of plan, up 57% (up 45% on local currency basis).

For the Asia Pacific region, life and pension sales were up 8% (down 1% on local currency basis), led by 66% growth in China (up 40% on local currency basis).

Aviva said its capital and liquidity position remains strong, with an estimated 2bn IGD surplus as at 31st December 2008.

The group dividend policy remains unchanged.

Andrew Moss, Aviva's CEO, commented: 'In a year of unprecedented turbulence, our sales have continued to grow. Operating across 27 markets with a range of products and varied distribution has served us well and has brought us an additional real benefit from currency appreciation.

'Growth in developing economies such as Asia and central and eastern Europe has offset difficult conditions in more mature markets such as Ireland and Italy.

'Our capital position remains strong and Aviva continues to be attractive to customers seeking security for their long-term savings.

'Our priorities are to maintain our financial strength and continue to transform Aviva for the benefit of customers and shareholders'

Another strong update which follows on from 28th October. Then av. bounced off support at 260 to 440 resistance. Already up 6% today, so looking for an attempt on resistance at least.

Screaming buy at these levels given the update on 04.02.09 and news on banks over the last few days. Results will be the catalyst next week for a run back to 4.

MoneyAM
"Insurance giant Aviva said today IFRS operating profit was up 4% to 2.297bn in 2008 but it slumped to an IFRS loss after tax of 885m in the year. Net asset value per share was 416p. The total dividend per share was maintained at 33p.

Aviva said it had a solvency surplus of 2bn at 31st December 2008.

Life and pensions sales were up 11% to 36.283bn and the general insurance result improved, with a combined operating ratio on target at 98%.

340m of 500m 2010 cost savings target have been achieved.

Andrew Moss, CEO, commented: 'In a tumultuous year, our underlying business has shown great resilience. Operating profits are up and we have maintained our dividend. Bottom line earnings have been affected by investment markets which have predictably created significant unrealised losses during the year.

'Aviva remains financially strong. We've undertaken a thorough review of the value of our assets and liabilities, and have made cautious provision for future losses so that we are in good shape to withstand the ongoing volatility and uncertainty in world markets. Maintaining our capital strength has been a priority for us and remains so this year.

'Meanwhile we continue to transform Aviva for the future. In these markets only the fittest will emerge as winners. Our increased share of the UK life and pensions market in 2008 is a good example of a market where we have growing competitive advantage. Our strategy is well-suited to current markets and our geographic diversity and composite model continues to deliver for us.'

In a subsequent video interview Moss said: 'Whichever way you measure it, on an IFRS basis or an MCEV basis, our operating profits are up.'

'I think that's a pretty resilient performance given the economic conditions we've seen over the last 9 or 12 months. The other thing the market is interested in at the moment is the capital position of the Group. And I think we've given further reassurance on that today with our statutory solvency buffers still at 2bn. And with that capital position we've also been able to maintain the dividend, based off the strong IFRS operating results'."

Results looked strong with company in a stong position to come through recession stronger, yet the market thinks different with price down to 338p. The only negative was the loss before tax of 800m odd, which is fair enough when you look at there conservative approach to the balance sheet.

Maybe something else lurks unseen in the report that we are unaware of ?

At 238p it looks tempting, if the market has over-reacted.............IF.......

Well my target of 150p is coming into view there must be other losses they have not mentioned.

Dont buy they have further to fall wait before the next buy signal.

Think you are right mitzy, analysts don't like the way av. have reported results.

see below

Some analysts reacted angrily to the way that Aviva reported today's results, noting that the strengthening of the reserves was booked as an exceptional item and so excluded from operating profits or tests of its capital efficiency.

One said: "The reporting of this company is shameless. Very shoddy."

Ex-divi date is 25th March '09. Probably worth having, particularly at this price (currently 197p)

Aye spitfire why are they keeping the dividend it makes no sense they should cut it to zero.

I'm not surprised investors are selling the Directors are shameless.

Aviva was oversold yesterday...bought in at 201p now

Its no good trying they are only worth 150p.

From t1ps.com
"I (EK) sold Aviva (AV.) yesterday at 190p and nicked it back at 169p this morning. I'm inclined to think that the market is going to do to the insurers what it did and is doing to the banks. Thus, although Aviva looks cheap, one would be well advised to stand back."

Clearly good advice in the current market this is another RBS mark2.

B***s

Aviva reported its losses by using market consistent embedded value (MCEV) accounting principles. Aviva are the first to use this standard which is planned to become the bench mark used by all insurance companies, maybe this is what the analysts dislike.

The problem with large insurance companies is trying to understand the accounts, which took me ages to read through yesterday morning and still it was confusing. The banks are the same, I need a new rule. Only invest in companies when I fully understand the balance sheets. In other words medium to small caps.

Plenty of weakness in these again today...they could fall to 40p imo.

Mitzy, your opinion was that these would fall, yet they seem to be rallying with no news. Any ideas why? i wish I'd gone in at 164p and made a bit.

there is a short covering buying back operation going on here from having sold out higher in recent weeks--I therefore see the shares falling back again and would prefer to see some stability before being tempted to buy in view of the many uncertainties surrounding this company at present particularly regarding their annuities book--remember what happened to Equitable Life!!

Ex-divi date 25th March, 19.91p. Many may think this is worth having in todays market. Don't think I will want to be holding after that date.

What do you mean no news?

ING Canada is considering a bid on it.

Where do you get that from?

Sp 235p currently.
Ex div 25th March. Suspect this may get severely trimmed back from that date.

I hear that the market makers have marked the shares sharply higher to sell the stock they bought in at lower levels when the shorting was going on--be careful as these shares could easley be marked down at a stroke!!

And guess what? They were!!!! High 242 close 219! Sorry I missed your post til now!

From Eastern Evening News 19th March:
"Insurance giant Aviva could end the practice of lending shares to hedge funds in a move against short-selling.
Aviva shares were battered on the stock market earlier this month - losing 40% of their value in two days - amid claims that short-sellers were looking to make quick profits by driving down the company's share price. Now Aviva directors are said to favour bringing to an end the company's involvement in lending shares from it's own investment portfolio to hedge funds.
To make quick profits, hedge funds rely on borrowing shares from major investors, such as pension funds. They sell the borrowed shares in the hope the price falls, before buying them back at a lower price."

Wow! He has shown great confidence.


Director Deals - Aviva Plc (AV.)

It has been announced that Mark Hodges, Executive Director has bought 50 shares in the company on the 25th March 2009 at a price of 249.08p.

Let's hope he doesn't regret it! ;o)

I think he bought the shares on behalf of his kid, but reduced his pocket money to claw back the cost!

IMHO these shares are well underpriced especially in the light of yesterdays good results. There will come a point when all the shorters over the last year or so will swing back to buying and it will rocket. It's just a matter of time. Hold.

Open A Buy Bet In The Aviva Rolling Spread. A fundamental and technical view on UK-Analyst.com

Business Financial Newswire
"Aviva Investors - the global asset management business of financial services giant Aviva - has agreed to buy 100% of River Road Asset Management.

Kentucky-based River Road is a leading value-orientated US equity manager with $3.6bn assets under management.

This acquisition supports the expansion of Aviva Investors' third party institutional asset management business by combining its existing expertise in fixed income in North America with River Road's equity investment capability.

The management team and the integrity of River Road's investment process will remain unchanged.

River Road, which has gross assets of $6m, will continue to be based in Louisville and will form part of Aviva Investors North America ("AINA"), which is headquartered in Des Moines, Iowa.

AINA also has offices in New York, Chicago, Manhattan Beach, California, and Toronto, Canada.

The transaction is expected to complete by the end of the first quarter. "

Hi all,

Happy New Year.

Another article I bumbed into yesterday...www.uk-analyst.com

AV. is a good shorting opportunity here...now 347p

arguably too late now, but well spotted if you jumped in short when it broke 200 dma at 380

Personally, I do not think it's too late at all, but for a meaningful return, entry is going to be crucial.

From Merrill Lynch today:
"Aviva has reported FY results. These were very mixed indeed. On the one hand
operating profits on both bases were ahead, but the net profit numbers and
consequently the NAVs were well short.
The IFRS NAV was 374p per share (2008 421p) well short our 447p forecast.
Even after adding back the pensions deficit the NAV of 436p per share was still
light. The headline EV came in at 471p per share (2008 495p) was well short of our
578p forecast and 486p last year. This includes goodwill; stripping this out the
net figure is around 351p, unchanged from last year and well short of our 455p
forecast.
We have a neutral recommendation on Aviva and as such it is our least preferred
UK life name. That said, the shares are inexpensively rated after a protracted
period of underperformance. At 8x 2011E EPS, around 20% below EV and a
dividend yield of more than 6%, the shares are well supported. However, these
are disappointing figures with significant shortfalls in both the EV and IFRS book
values. We need to investigate further why this is."

18 March 2010
"AVIVA ANNOUNCES ENTRY INTO INDONESIAN MARKET

Aviva acquires a 60% stake in PT Asuransi Winterthur Life Indonesia

Indonesia is one of the fastest growing life insurance markets in Asia

Combines Aviva's strong product expertise and brand with PT Asuransi Winterthur Life Indonesia's existing distribution

Consistent with Aviva's long term strategy to build a presence in key markets in South East Asia as part of the group's diversified footprint"

Aviva Signs 5-Year Life Protection Deal With Santander UK

Today : Tuesday 3 August 2010
U.K. life insurer Aviva PLC (AV.LN) said Tuesday its U.K. business has signed an exclusive five year agreement with Santander for the distribution of Aviva's life protection insurance products in the U.K. from June 2011.

MAIN FACTS:

-Agreement covers the sale of Aviva's core protection products, including life insurance, critical illness and income protection, which will be sold by Santander through its 1,300 U.K. branches, online and over the telephone.

-Santander will sell the products under dual Aviva/Santander brands.

-No financial terms disclosed.

anyone else hear a rumour about a takeover bid?

"Aviva headed the blue chip leaderboard, on news it had rejected an approach from RSA for its general insurance business, investors hoping a higher bid will be forthcoming."

Personally I would be very surprised if this actually came to anything. AV. has fingers in many pies in the insurance sector & I think that this is totally intentional in order to be spread the risk.

thanks harry.

"Standard & Poor's maintained its "buy" recommendation and 505p target price for Aviva following the insurance group's approach from RSA to buy its general insurance operation in the UK, Ireland and Canada for 5 billion pounds, which was subsequently rejected. The broker finds it hard to envisage RSA, which has a market capitalisation of 4.3 billion pounds, being both willing and able to make a sufficiently attractive cash offer. Furthermore, the proposed transaction looks to be economically irrational from shareholders' point of view. A better way to do it, in S&P's opinion, would be to pool the target businesses of both Aviva and RSA in a 'newco', which it believes offers at least the same synergy benefits as an acquisition."

23rd Nov:
StockMarketWire.com
Aviva initiated with buy rating at Jefferies, target price 452p.

24th Nov:
StockMarketWire.com
Aviva downgraded to equal-weight from overweight at Morgan Stanley.

Anyone for 5 quid.

Interim Management Statement.

Part of the broker note from UBS:
"On track for full year
Q1 reported EV of 576p looks in line with the expected level for this time of year (FY10 542p) and on track for our full year forecast. The outlook comments are positive, particularly for general insurance, and the financial targets are reiterated. IGD surplus fell from 3.8bn to 3.5bn.
Valuation 470p PT based on Price/EV
The stock offers value on earnings (IFRS PER 9x, sector 12x, EEV PER 6x, sector 7x), but EPS dilution remains a risk until the group completes its disposals.
Price/EV 80% (sector 86%) and a yield of 6.2% (sector 4.8%) also suggest value.
We remain Neutral, however, as the next expected newsflow is further dilutive disposals."

Harry - I've had my current tranch from 383 - + 16p dividend paid today. I'm looking to sell - maybe even today - with a view to pick them up again. I hold them in a SIPP and over the last year, they have been fantastic (for me).

RNS Number : 9668I

Aviva PLC

23 June 2011

23 June 2011

AVIVA TO SELL RAC FOR GBP1 BILLION

-- Aviva to sell RAC to The Carlyle Group for GBP1.0 billion -- Price represents 17 times 2010 net earnings -- The sale is consistent with Aviva's strategic focus on insurance and savings businesses in its priority markets

Aviva plc ("Aviva") announces that it has agreed to sell RAC Limited ("RAC"), the second largest UK roadside assistance provider, to The Carlyle Group ("Carlyle") for GBP1.0 billion*. The transaction values RAC at 17 times 2010 net earnings**. Completion, which is subject to regulatory and competition approvals, is expected at the end of the third quarter of 2011.

Carlyle, a global alternative asset manager, with significant experience of investing in UK companies, is fully supportive of the RAC management team, led by RAC's Managing Director Angela Seymour-Jackson, and its strategy to profitably grow the business.

Andrew Moss, Group Chief Executive of Aviva, said:

"The sale of RAC is another important step for Aviva and realises significant value for our shareholders. Together with the recent partial disposal of Delta Lloyd, it demonstrates clear delivery of our strategy and provides the flexibility to deepen our presence in the priority markets where we have strength and scale."

Strategic rationale for the sale

The sale supports Aviva's strategy to focus on insurance and savings businesses in its priority markets and represents further significant progress in the transformation of Aviva's portfolio. The proceeds, which will be held as cash on the balance sheet, will enhance liquidity and further strengthen Aviva's balance sheet, enabling Aviva to continue to invest in its priority markets. In addition to the strategic benefits, Aviva remains confident in meeting the group's near-term financial targets.

Financial impact of the sale on Aviva

Based on 31 December 2010 results, this transaction will increase net assets by GBP0.6 billion and tangible net assets by GBP1.0 billion, or approximately 37p per share. Aviva's IGD surplus will improve by GBP0.2 billion. The accounting profit on disposal is expected to be GBP0.6 billion.

Aviva will retain the RAC (2003) pension scheme which at 31 December 2010 had an IAS19 deficit of approximately GBP160 million. On completion Aviva will make a one off contribution of GBP67 million into the scheme.

Future commercial relationship between Aviva and RAC

The sale of RAC is consistent with Aviva UK's strategy of maximising the benefits of operating life and general insurance together under one strong brand. Aviva will continue its commercial relationship with RAC both as a key underwriter of motor insurance on RAC's panel and as a partner, selling RAC breakdown cover to Aviva's customers. As RAC develops its business and extends its product offering both parties will seek to find new areas where they can work closely together.

J.P. Morgan Cazenove acted as sole financial adviser to Aviva.

Limited out of these @439 so flat for now.

Back in @424.46p

Back in the money here.

rumours of a 6 a share take over doing the rounds.... fingers crossed

Yes the rumours started yesterday in the Guardian - hence the spike this morning. It would be nice but........

No chance, imo.

Harry - I was tempted to sell in the 440 area again this morning, but held fire - whatever else, this and possibly NG, is probaly been my best SIPP investment over the last year.

Nice one skinny!
On the subject of AV., having sold the RAC and focussed their strategy on specific insurance/pension risks, I would be very surprised if they are taken over. They are now a global brand (having dropped the Norwich Union tag) and I would suspect they are on the acquisition trail themselves, possibly in emerging markets. Press boredom and pressure to produce a story, imo.

I think you are probably right - but a little bit of me hopes - hence I'll hold for now :-)

StockMarketWire.com
Insurance giant Aviva this morning reported a strong performance with total operating profit up 5% to 1.337bn in the half-year to end-June (2010: 1.27bn).

Operating profits in Europe were up 21% to 525m despite financial and economic difficulties in the eurozone.

Operating earnings per share increased to 29.1p, although total earnings per share of 4.1p are lower primarily as a result of unrealised Delta Lloyd investment variances.

Pro forma MCEV NAV, including the impact of the sale of RAC, was up 33p from 2010 to 575p per share.

Group return on equity was strong at 12.8% (FY10: 14.8% on a lower equity base).

There was a 5% increase in interim dividend to 10p. Aviva reported a 14% life insurance new business internal rate of return (IRR), against a target of 12%.

There was a 96% group combined operating ratio (COR), against a target of 97%.

The group saw 0.8bn net operational capital generation in H1 towards the 1.5bn full-year target; now targeting between 1.5bn and 1.8bn in 2011.

Aviva said it was on track to deliver 400m cost and efficiency savings by 2012. The group said the sale of RAC at 17x earnings for 1bn will realise significant shareholder value.

Reduced shareholding and deconsolidation of Delta Lloyd will raise 0.4bn and further de-risking the balance sheet.

The pro forma economic capital surplus, including the impact of the sale of the RAC, was up 23% at 6.9bn (2010: 5.6bn). Andrew Moss, CEO, commented: "This has been a successful six months. We are beating all our operational targets. Operating profits rose in the UK and have increased by 21% in Europe despite tough economic conditions.

"After recent disposals, Aviva is fitter, stronger and well-positioned to be the undisputed leader in the UK market and to build on our strong European franchises.

"Markets may well continue to be volatile, but our strong balance sheet and capital position underpins our confidence in our continued momentum and our plans for growth."

RNS Number : 1890M

Aviva PLC

11 August 2011

11 August 2011

AVIVA ANNOUNCES SALE OF AVIVA INVESTORS' EQUITY BUSINESS IN AUSTRALIA

Aviva today announces the sale of Aviva Investors Australia Ltd ("AIAL") to nabInvest, National Australia Bank's direct asset management business.

The sale is consistent with Aviva Investors' strategy to focus on growing its Asian regional hub in Singapore, and consistent with Aviva group's strategy to focus on 12 priority markets.

The transaction, which is subject to regulatory approval, is expected to close in the third quarter of 2011.

AIAL had IFRS gross assets of A$32 million at 31 December 2010 and assets under management of approximately A$5.5 billion at 31 July 2011.

Sp approaching 2 year low of trading range 300-450p.
Employees share option price is currently 268p.
Also, ex-divi 21st Sept '11, 10p.

Harry a few days too late! I'm not sure of the 2year low, but the one year low is/was 297.60 on Tuesday.

84.8K Director buys in the last two days..... Not a massive amount but it could be taken as a positive sign.

In fact looking at my own records, I bought @294.12 on 25th May last year.

Are you trading this skinny or holding for better times? Looks like we may get sub 300p again soon.

I've traded it half a dozen times or so over the last 18 months - ultimately its nearly always in my SIPP. The yield is 8.03% at this level (assuming it is maintained) and as you point out above - 10p on the 21st.

If you are looking for yields, its worth looking at VOD - with the verizon dividend now coming into play.

In at 302p, for the divi plus a bit of profit, hopefully, though DOW not helping much atm!

CHEERS SKINNY . VOD INFO.

12 month low hit earlier 284.60.

Question is, will this tank tomorrow when it goes ex-divi? Not much point getting the divi but taking a capital loss. Decisions, decisions.............

Harry - I've got the same dilemma with COST and IRV.

I came across this on another site. Aviva: Fears for up to 700 jobs as company moves HQ

Note from Panmure Gordon:
Life on Mars
Following the recent equity market correction, we have assessed the impact on our universe of stocks. The chief impact, we believe, is on the life companies and their embedded values. We adjust our target prices for these (generally modest) changes, but our recommendations remain unchanged. The critical point, we believe, to understand is the resilience that insurers earnings have demonstrated through the credit crisis and beyond. While slowing economic activity impacts all insurers volumes whether they are selling life or general insurance products, sales do not collapse.
While 2009 saw some profits dip, a recovery was well established by 2010 and has been sustained during 2011 as evidenced by the interim results. This demonstrates that there is an underlying core of insurance business which continues to be transacted whatever occurs in the wider economy. Of more significance to much of our universe is the squeeze on earnings that is applied by volatile and falling investment markets. Shareholders are no longer directly exposed to equity markets in any meaningful way; equity risk largely remains with policyholders. However, as a barometer of economic well-being, equity markets matter to an insurers customers and affects their insurance spend.

The sector has challenges other than slip-sliding equity markets, such as distressed Sovereign debt issuers and Solvency II, but these, we believe, are already reflected in share prices given that they are relatively old issues. In our view, current share prices reflect a 10% haircut to our forecast year end embedded value and, given the recent market correction, this seems entirely appropriate as a base case valuation. However, we believe selective buying opportunities remain given the low valuations. Our note this morning illustrates this impact of the market correction to date, and the potential impact of a further downward shift in equities.
We remain sellers of Admiral (TP 843p) and believe that a PER of 15.3x 2011E and 14.1x 2012E is too expensive for an insurance company focused on a highly commoditised product (motor insurance) in a cyclical market. On the Buy tack, we continue to recommend buying Aviva (TP 521p) with what we view as a safe yield on our forecasts of 8.8%, and the 8% forecast yield at Resolution (Buy, TP 604p) ignores the special dividend that will be paid in 1H 2012. Both these names offer significant and we believe, safe income opportunities.

Credit Suisse Raises Aviva, Legal and General

starting to look cheap.

Interview with Aviva CEO Andrew Moss on CNBC this morning

Aviva Happy With Exposure to Euro Zone Debt: CEO

"Shares in insurance group Aviva were higher on Monday helped by an upgrade by UBS, which raised its rating on the stock from neutral to buy.

The Swiss broker said that while the company is the most exposed to the Eurozone out of all the UK insurers which has driven under performance over the summer if policymakers take steps in the fourth quarter to restore order, then the recent trend should reverse."

Staff being notified of a big announcement to come from management on wednesday. Regret, no details available yet.

Harry - what is your source please?

Tricky one to answer without compromising any individual, but it comes from a reliable source at Head Office. I believe what I have already posted is in the public domain, but the details are not, regrettably.

Ok - thanks Harry.

I'm not really one for heeding rumours as they usually turn out to be wrong, so just hope that this turns out to be accurate as have bought on the strength of it.

I once came unstuck on a very well known fitness chain (about 10 years ago) I had a fair holding showing about a 30% profit. A good friend of mine told me his mates daughter (who was PA to the chairman) had heard that they were about to be taken over - so rather than sell , I bought more and held. I'm sure you can guess the rest....

Aviva set to make 1,000 redundant

Aviva, which employs more than 2,000 people in Ireland, had invited staff to meetings in Dublin, Cork and Galway.

The redundancies could take up to two years to implement, but it is thought no jobs will be lost before March next year.

Not the news we were expecting I hope !

Harry - hardly new news - check post 98.

With AV. and RSA both having trading statements on thursday, any views anyone?
2517

Uncertainty rules atm.

skinny, AV. recovered quite well during the recent market surge upwards, albeit they have now fallen back somewhat, but not to their September lows, whereas RSA had a more muted sp rise and have fallen back near the lows seen in September. With RSA finals in February could be a good time for picking some up, especially with a good divi to come. Just my view.
2517

George - I already own both, but may consider more if they fall below 3 (RSA < 1).

Interim Managemment Statement.


Strong operating performance


Nine months 2011
------------------------------------------------------------------------------------------------
Good momentum in general n General insurance and health net written premiums
insurance of GBP7.0 billion, up 9%.

n Group combined operating ratio improved to 96%.

n UK general insurance sales up 12%: 318,000 new
personal motor customers this year, now more than
two million in total.
-------------------------- --------------------------------------------------------------------
Strong profitability n New business internal rate of return increased
in life insurance to 14%.

n Long term savings sales of GBP23.6 billion, 8%
lower, driven mainly by actions to write less capital-intensive
business, but also due to current market conditions

n UK life and pension sales up 6% to GBP8.1 billion.
-------------------------- --------------------------------------------------------------------
Focused on balance n IFRS net asset value per share increased by 23
sheet in a tough economic pence to 448 pence (HY2011: 425p).
environment
n IGD solvency surplus GBP2.7 billion and central
liquidity GBP2.3 billion at 30 September 2011.

n On track to meet net operational capital generation
target of between GBP1.5 billion and GBP1.8 billion.

n Minimal impairment on our high-quality long-term
asset portfolio.

n Strengthened equity and euro currency hedging providing
additional downside protection.
-------------------------- --------------------------------------------------------------------
Further delivery n On course to meet our financial targets in 2011.
of our strategy
in the third quarter n Market share gains in key UK markets - in individual
annuities, protection and personal motor*.

n Completed sale of RAC for GBP1.0 billion.

n Sale of Aviva Investors business in Australia.

n Sale of Delta Lloyd's loss-making German business.

14:42, Friday 18 November 2011 - Aviva insurance giant, is to raise $400m in capital securities. The securities, which despite their name, will operate almost exactly like bonds, will pay 8.25% and are due for repayment in 2041. An Aviva spokesman told Sharecast that this is the first time Aviva has entered the US retail market and reflects the firm's desire to utilise its listing in New York (Frankfurt: A0DKRK - news) to broaden its financing base. Aviva says it will use the money for "general corporate purposes" and that "proceeds will be counted towards its regulatory capital resources". Shares in Aviva were down 1.45% in early trading

DC - it was announced before the market opened and has been a bit of a dampener - not that the price needs much of an excuse to go lower recently.

It would be good to add some good news to the threads skinny, not much about at the moment. Have a good weekend.

Strong today - just touched 3 +7%

God Bless S&P - S&P Puts Allianz, Aviva, AXA, Generali, Mapfre Units, 10 Other EU Insurers on CreditWatch/Negative

As concern about European sovereign debt crippled markets, Aviva shares were hit on worries about its exposure. Because of the European focus of its business the shares were hit especially hard, as it owns assets across the Continent.

Andrew Moss, chief executive, continues to he happy with the company's strategy and is confident that eurozone leaders will ultimately find a solution to the crisis.

The company continues to make strategic disposals, with the sale of its UK roadside rescue business RAC to Carlyle Group for £1bn completing in September.

The company has also hedged itself against any fall in the single currency. The shares should start to outperform once there is some resolution in Europe However, this could take some time.

The shares remain a buy.

Well if they say so!

Oriel Securities retains its Buy TP 640.00

FY11 part 1 of 5.

Good progress - beating operating targets


Strong operating performance - beating our targets

. Operating profit of £2.5 billion, up 6% on a continuing basis*
. £2.1 billion operating capital generation (FY 2010: £1.7 billion)
. New business internal rate of return increased to 14.4% (FY 2010: 13.3%)
. Group combined operating ratio improved to 96.8% (FY 2010: 97.1%)
. Full year dividend of 26 pence (FY 2010: 25.5 pence)

Profitable growth in life insurance

. Life insurance operating profit up 7% to £2.1 billion (FY 2010: £2.0 billion)
. Long term savings sales of £31.4 billion, 6% lower (FY 2010: £33.6 billion)
. UK life and pension profits up 8% to £920 million (FY 2010: £850 million)

Underwriting excellence driving profitable growth in general insurance

. General insurance operating profit up 3% to £935 million (FY 2010: £904 million)
. General insurance & health net written premiums up 8% to £9.2 billion (FY 2010: £8.5 billion)
. UK general insurance and health profit up 7% to £520 million (FY 2010: £488 million)

Resilience in volatile markets

. Profit before tax of £87 million (FY 2010: £2.4 billion) was mainly impacted by adverse unrealised investment variances
. IFRS NAV resilient at 435p (FY 2010: 454p)
. Estimated IGD surplus of £3.3 billion at 29 February 2012 (31 December 2011: £2.2 billion)

From HL - Aviva plc

Panmure Gordon note:
"Aviva “open to bids for parts of its business” shocker!
Newspaper reports this morning suggest that CEO Andrew Moss has indicated that Aviva is open to offers for its US business. In our view, the US operation has effectively been on the stocks for over 2 years, but that Aviva would not consider letting it go for an indicated 50% discount to the price that it paid for it in 2006. Whilst there may be a strong rationale for such am sale including the consequent capital boost, Solvency II concerns and the European strategic focus, we do not think that current prices for US life businesses (c0.9x US GAAP book value) make a disposal sensible at the current time. Whilst obviously Aviva would consider any serious offer for any part of the business, in our view a suitable offer is unlikely in the shortmedium term.
Storm in a tea cup – Newspaper reports (FT, Times) this morning suggest that CEO Andrew Moss has indicated at an investor conference that Aviva is open to offers US business. This is not new news. Apart from any PLC being open to offers for any part of its business, Aviva indicated a couple of years ago that whilst the US did form part of its 12 operation new strategy, it would like to exit the US if a suitable price could be achieved. At the time we took that to be at a price close to what it paid for the business in 2006 (c£2bn). We are unsure as to where the indicated value of the US business at c£1bn has come from but do not think that Aviva would sell it for that amount.
Benefits if it did? – Putting the issue of price aside for one moment we believe that a disposal of the US operation would be a positive move for Aviva as it would boost its capital position, which was knocked in 2011 by a series of (largely market related) events. In addition it would remove the uncertainty created by the Solvency II issue over US equivalence which has led Pru to suggest that it might redomicile its HQ to Hong Kong if it is not satisfactorily resolved. Lastly a sale of the US operation would enable a greater focus on its core European market.
Investment view – We believe that the shares might rally slightly on today’s news but fall back when it becomes clear that Aviva won’t “give the business away”. That said, the shares are trading at a very low valuation whilst delivering a massive 8.6% dividend yield based on our 2012F which we believe is both sustainable and growing. On other valuation metrics the shares look equally compelling trading at a 43% disc to EV, 0.9x IFRS NTAV, and an EEV Operating P/E of 4.5x or 5.4x on an IFRS basis. These multiples are at a considerable and too great a discount to its peer group. Buy."

Insurance giant Aviva is slightly softer after announcing the departure of three directors from the group executive committee. The trio - Igal Mayer (CEO of Aviva Europe), Richard Hoskins (CEO of Aviva North America) and Alain Dromer (CEO of Aviva Investors) - are all heading for the exit after the group announced plans to reorganise into just two market groups: Developed Markets and Higher Growth Markets. While those three collect their coats, David Barral, the Chief Executive Officer (CEO) of UK & Ireland (UK&I) Life Insurance

http://uk.finance.yahoo.com/news/fresh-aviva-board-shake-puts-104007386.html

DC - and the rest of the paragraph.....?

Insurance (Euronext: SIN.NX - news) giant Aviva (LSE: AV.L - news) is slightly softer after announcing the departure of three directors from the group executive committee. The trio - Igal Mayer (CEO of Aviva Europe), Richard Hoskins (CEO of Aviva North America) and Alain Dromer (CEO of Aviva Investors) - are all heading for the exit after the group announced plans to reorganise into just two market groups: Developed Markets and Higher Growth Markets. While those three collect their coats, David Barral, the Chief Executive Officer (CEO) of UK & Ireland (UK&I) Life Insurance (Other OTC: LINS.PK - news) , David McMillan, the CEO of UK&I General Insurance and Philippe Maso, CEO of France, will all join the group executive committee, and will report directly to group CEO Andrew


Sorry about that, a smack on the wrist.

:-)

RNS Number : 2958C

Aviva PLC

30 April 2012

30 April 2012

SHAREHOLDER CONSULTATION ON REMUNERATION

In recent discussions with our shareholders following the publication of Aviva's remuneration report on 21 March 2012, a number of them have voiced concerns about some elements of the report.

These concerns have mainly centred on how we structure the compensation paid when we recruit executive directors and whether overall levels of remuneration, driven by the operating performance in 2011, appropriately reflect changes in shareholder value through the year.

The Remuneration Committee believed that the proposed levels of remuneration were appropriate reward for Aviva's operating performance and strategic progress in 2011, as well as for attracting and retaining key executive directors, and accordingly were in shareholders' long term interests.

However reflecting on shareholder feedback, the Remuneration Committee has agreed to review how Aviva will compensate future joining executives for the loss of entitlement from their previous role. In addition, the Committee has accepted Mr Moss's decision not to accept the salary increase granted to him in 2012.

We will continue to consult with shareholders on executive remuneration.

Scott Wheway, Chairman of the Remuneration Committee, said:

"We take the views of our shareholders very seriously. I am disappointed that we haven't done that as well as we should have on this occasion. A number of shareholders have indicated that they would like to see a different approach to the way we compensate senior directors on recruitment and an even closer correlation between our pay packages and shareholder returns. Having listened to them, we have sought to address their concerns and will continue to engage with them on this matter."

Anyone watched the fun and games at the agm, today?
I understand Exec Bonuses were dismissed as 54% voted No!

Oh deary, just look at the sp fall this last year, still the Yield is up (Ho-Ho).

((Mindyou SP was a lot worse in 2005!))

If the SP is down, yield would generally be up. Unless collapse follows. Projections are OK in this case.

But, I think the share is probably under-priced and may buy a few more.

Target price about 390.

506p... reckon we could have to wait a while for that.


...Aviva plc (LON:AV) is still a Buy at AlphaValue. The research house has set a target of 506 on the stock, this being a healthy 62.3 pct higher than our last quote at 311.8.

This comes as Aviva makes the headlines over executive pay - The Scotsman writes: "The board of Aviva must have thought that chief executive Andrew Moss had taken the sting out of a looming showdown with investors when he agreed to waive a near-5% pay rise. It wasn’t to be, and another annual meeting has been used by shareholders to vent their anger over executive pay."

Like most target prices, its all just....

Aviva announces Andrew Moss to step down as CEO

Aviva plc announces that Andrew Moss, Chief Executive Officer, will be leaving the group and will cease to be Chief Executive with immediate effect.
The Board has asked Chairman Designate John McFarlane to become interim Executive Deputy Chairman with immediate effect and Executive Chairman from 1st July pending the appointment of a new Chief Executive Officer. The Board has asked him to maintain this executive role whilst internal and external candidates are assessed to find the very best candidate for the CEO role. It is envisaged that this process will take a number of months, at the conclusion of which he will revert to the role of non-executive Chairman.
Lord Sharman, Chairman of Aviva, confirmed that Andrew Moss had approached him with the decision that he felt it was in the best interests of the company that he step aside to make way for new leadership. He has offered to assist in any way he can to ensure a smooth transition.

Got to laugh....'In the best interests'! Shareholders voted against his 5% salary increase, which he then agreed to forego. But shareholders then vented their disappointment in the AV. sp which has underperformed over the last few years, thus forcing AM to step down. Looks like shareholder opinion is being listened to, at last!

'Underperformed over the last few years' - somewhat of an understatement!

.

But you don't look it. Thought I would get in before smoothie bb.
2517

.

George - you creep :-)

.

skinny, I can't argue with that ha!ha! Just needed to elbow super smoothie bb (balerboy) out of the way.
2517

A bargain!


Aviva chief executive Andrew Moss will leave the group at the end of May and receive basic salary in lieu of 12 months' notice.

He will also receive £300,000 in full and final settlement of all claims that he might have to bonus under his contract.

Moss will retain the benefit of £209,000 being 5/12ths of the annual payment made in April 2012 under the Aviva Capital Accumulation Plan - the equivalent of a money-purchase pension plan.

In relation to previous years' bonus awards that have been deferred under the terms of the annual bonus plans the elements relating to the 2010 and 2011 bonus that were deferred into shares will lapse in accordance with the rules of the plan, as will outstanding awards under the long term incentive plans and the One Aviva Twice the Value plan.

Three-quarters of the element of the 2009 bonus that was deferred into shares will vest in accordance with the rules of the relevant plan and 25% will lapse.

Interim Mangement Statement.

Aviva plc today announced its Q1 2012 Interim Management Statement. In a challenging economic environment, operating profit for the quarter is marginally down compared to the same period last year due to the deconsolidation of Delta Lloyd and the sale of RAC. Adjusting for these, operating profit has marginally increased.

Aviva continues to focus on capital and operating capital generation. Aviva's estimated IGD solvency surplus at 31 March 2012 was £3.2 billion, ahead of the full year 2011 position (FY11: £2.2 billion) and in line with the position at 29 February 2012 (£3.3 billion). Aviva generated £0.5 billion operating capital in the first quarter and the IFRS Net Asset Value per share increased to 445 pence (FY11: 435 pence).

Long-term savings sales were down 5% at £7.5 billion (1Q11: £7.8 billion) as a result of tough market conditions. General insurance and health net written premiums were level with last year at £2.2 billion (1Q11: £2.2 billion).

Profitability levels are in line with targets: in life insurance the new business internal rate of return was 13.3% (1Q1

bought in this morning...

Good move... it's cheap.

Yep, bought in as a recovery play.. looking for a steady gradual sp climb from here...notwithstanding the horrific market conditions at the mo.

..Questor share tip: Aviva is a hold until its plan comes together

By Garry White | Telegraph – 49 minutes ago
....


The market appeared a little underwhelmed by Aviva’s new strategy, with shares rising 1.1pc after they were unveiled on Thursday. However, the plan put together by chairman John McFarlane looks sensible.

It is clear the strategy will take time to put into place, which explains the muted response. But investors can now have confidence in the longer term outlook for the world’s sixth-largest insurer.

The strategy seeks to improve profitability, capital discipline and cash generation so the company can return to growth.

Under previous chief executive, Andrew Moss, the group had become complex and its deployment of capital questionable. Indeed, an analysis by RBC (MCX: RBCI.ME - news) has revealed that just 14pc of the group’s assets are actually performing in terms of capital employed. This is based on the company’s own admission that just 15 out of 58 segments are doing OK.

This figure highlights the scale of the task for Mr McFarlane and the, as yet unknown, replacement chief executive.

Aviva plans to increase its capital base substantially, potentially raising up to £3bn to boost its financial buffers.

The insurer will do this through disposals and it has already moved quickly, selling half its stake in Dutch insurer Delta Lloyd (Stuttgart: A0YC08 - news) on Friday.

This raised £318m in what should be regarded as a pragmatic move. Aviva had previously said it thought the business was undervalued and it would not sell at these levels.

The group will exit from 16 businesses in total, including its South Korea operations. These have been tying up capital, but not providing decent returns. The sale of its US business is also likely, although that has not been implicitly stated.

Aviva is also stripping back its layers of management and plans to increase internal efficiency. This is positive, as one criticism of Aviva over the past few years was that the company had become complex and unwieldy. The cost-cutting plan aims to shave £400m of expenses each year. This should offset some of the loss of earnings from the non-core businesses that are to be sold.

One main attraction of Aviva has been its dividend. Currently, the shares are trading with a very impressive yield of 8.6pc. Can we regard the dividend as safe?

Management has explicitly said it does not plan to raise capital through a share issue, although this statement was qualified. “Subject to execution, it is not our current intention to raise new equity,” Mr McFarlane said.

Should the eurozone crisis deepen and the global economy take a dive, then it will become a buyers’ market. There will be few of Aviva’s peers that would be willing to take the risk of buying assets against such a backdrop. This infers that prospects of a rights issue are tied into the health of the global M&A cycle. So, although it is good news that a rights issue has been ruled out for now, the spectre still looms large.

On the dividend front, Mr McFarlane said they were “trying” to save the dividend. Questor reads this as meaning there is a chance that it will be trimmed in the next couple of years, depending on how well the disposal plan goes. We still don’t know for sure.

The easy part of any strategic plan is putting it together. Then comes the execution.

Any mis-steps could result in a cut in the dividend, which will stoke investor ire. Indeed, it is arguable that the market is already pricing in a dividend cut because the yield is so high.

Another major concern is the fact that the company is still without a chief executive. With Mr McFarlane already putting the turnaround plan together and getting the process under way, the best candidates for chief executive may be put off. A change of plan at this stage would knock investor confidence further and the best person for the job may not wish merely to follow someone else’s strategy.

There is no doubt that the shares are cheap, trading on a current year-earning multiple of 5.7, falling to 5.2 next year, compared with RSA Insurance (Other OTC: RSANF.PK - news) on a 2012 multiple of 8.2 falling to 7.7.

Whether we have reached an inflection point for embattled investors remains to be seen. Questor is cautious and now rates the shares a hold because of the execution risk.

..

"I hold these stock."

Edit: I hold this stock


Back to Aviva , let the trend be your friend and trade it up for a small quick profit. I don't hold them stock [ sorry i made a Fredisam ] in the spelling

1 August 2012

AVIVA COMPLETES SALE OF CZECH REPUBLIC, HUNGARY AND ROMANIA LIFE BUSINESSES

Further to its announcement dated 30 January 2012, Aviva plc has completed the sale of its Czech, Hungarian and Romanian Life businesses to MetLife Inc's local operating subsidiaries in those countries. Completion of the sale of Aviva's Romanian Pensions business is expected to occur later this year subject to regulatory approval.

This transaction is consistent with Aviva's strategy to focus on fewer business segments, where it can produce attractive returns.

-ends-

HY12 Part 1 of 5


. Interim operating profit before restructuring costs down 2%

. Interim operating profit after restructuring costs down 10%

- Impact of restructuring costs, foreign exchange, UK weather

. £876 million writedown of US goodwill

. Dividend held at 10p per share

Been out all day, pleasantly surprised to arrive home and see the closing price not too far adrift.

same here. thought it would be a bigger drop...still might happen...we'll see!

A little night time reading:

http://blogs.desmoinesregister.com/dmr/index.php/2012/08/09/aviva-greases-skids-for-sale-of-us-operations/

sorry link is inactive, just c&p into the address bar.

Aviva was the fifth-most popular purchase by TD Direct Investing's private clients this morning. And for once, there was firm news: the publication of half-yearly results, which saw the dividend maintained at 10p per share, placing the stock on a yield of 8%.

You can get the scoop here, but for me -- given the opportunity that incoming chairman and interim CEO John McFarlane has had to''kitchen sink' bad news -- Aviva is starting to look like a share where the doomsayers were mistaken. And certainly, with a strong record of share purchases in the run-up to today's results, a lot of investors will be breathing a sigh of relief.

Will they yet be disappointed? Time will tell.

Copied from elsewhere: - Aviva Management Discusses H1 2012 Results - Earnings Call Transcript

300. 330 (changed on edit.) has proven to be a step too far over the last week.

skinny

"300 has proven to be a step too far over the last week"

300 no problem but 330 seems to be giving some resistance right now, but I reckon it has to be expected after such a good run up.

Yes sorry - I meant 330 hence posting the chart!

And now corrected:-)

skinny, I realised it was a typo but couldn't let it go without comment LOL.

Appears to have now broken through the 330 resistance :-)

Yes - excellent daily candle atm.

Insurer Aviva may cut 800 UK jobs to cut costs - reports

Fri Aug 24, 2012 2:47am BST
(Reuters) - Britain's No. 2 insurer Aviva PLC (AV.L) may cut as many as 800 jobs at its UK business in a cost-cutting drive, media reported.

The job losses will be spread across the UK businesses and will come by the end of the year, the Guardian newspaper reported on its website, citing an internal email sent to staff.

DeutscheBank note out today:
"Aviva’s share price has lifted >40% since its June lows. Though much of this has been driven by the improved macro backdrop, it also reflects greater confidence in Aviva itself following the unveiling of the new management strategy in July. We remain strongly supportive of the group’s plans; however, even if these are delivered in full (which for the cost savings won’t be clear before 2014), the narrowing PE discount to the sector now leaves little room for disappointment. On valuation grounds, therefore, we downgrade to Hold.
Irrespective of our downgrade, we acknowledge a clear benefit to Aviva from the recent more upbeat mood in the Eurozone. From 140% in June, economic solvency now looks set to end 2012 above 150%e, helped mainly by lower sovereign and corporate bond spreads. Moreover, downside risk looks more contained and prospects of delivery on the disposal programme should have improved. However, little of this feeds through into earnings. Indeed, we have cut our EPS forecasts (by 3% for 2014e), mainly reflecting lower reinvestment rates at the short end.
Our forecasts build in full delivery of management’s £400m targeted cost savings by 2014e, partially offset by dilution of 10%e from disposals and derisking. Based on this ‘look-through’ forecast, the shares now trade at 7.5x 2014e earnings (xd adjusted), a 5% discount to the sector vs 20% in June, and close to the PE’s of better capitalised composites such as Allianz (Buy, €96.52) and Zurich (Hold, CHF 242.9). On a relative basis, this looks high enough. Even if management were to successfully deliver on the restructuring plans, Aviva’s capital and leverage ratios would still be less good than most peers, with lower than average exposure to growth markets. We do not, therefore, believe that a PE premium would be deserved.
Valuation and risks
We lift our SOTP-based price target by 1% to 375p (on an xd basis), with the benefit from improved solvency partly offset by lower EPS forecasts. Key upside / downside risks are investment market sensitivity, and a better / worse outcome than assumed on the restructuring programme.

I have an optimistic limit order in for a few more of these today - ex dividend tomorrow 10p.

The gap @360 from March has proven a gap too far!

Now beginning to look like Terry Thomas.

Aviva, CIMB seek binding bids to sell Malaysia insurance JV - sources

Tue Sep 25, 2012 8:50am BST

(Reuters) - Aviva plc (AV.L) and Malaysian bank CIMB Group Bhd (CIMB.KL) have set an October 29 deadline for shortlisted suitors to place binding bids to buy their Malaysian insurance joint venture, in a deal worth at least $500 million (307.97 million pounds), sources said.

AIA to buy Aviva's Sri Lankan unit in $109 million deal

HONG KONG | Thu Sep 27, 2012 5:44am BST

(Reuters) - AIA Group Ltd (1299.HK) has agreed to buy British insurer Aviva's (AV.L) 92.3 percent stake in Sri Lankan insurer Aviva NDB Insurance AVIV.CM, AIA said in a statement on Thursday, making it the Asian insurer's first acquisition since its initial public offering two years ago.

AIA will pay a net $109 million (67.3 million pounds) for the deal, which includes a 20-year exclusive bancassurance agreement with Sri Lanka's National Development Bank.

Shares of AIA were up 1.24 percent at 28.60 at midday on the Hong Kong Stock Exchange.

Interim Management Statement

Aviva plc today announced its Q3 Interim Management Statement where the operating profit trend is broadly in line with the half year.

More importantly, I am pleased to report that we have taken, and are continuing to take, firm and decisive actions to transform Aviva. The key priorities remain:

n To appoint a high quality CEO

n To build the company's capital and financial strength, reducing also the risk and volatility of the balance sheet and income statement

n To narrow focus on attractive core businesses and dispose intelligently of non-core segments

n To improve earnings performance and return on equity with the aim of broadly replacing, by 2014, the earnings lost as a result of disposals with new earnings streams

Insurer Aviva names AIA ex-boss Wilson as new CEO

LONDON | Tue Nov 20, 2012 1:05pm GMT
(Reuters) - Aviva (AV.L), Britain's second-biggest insurer, on Tuesday named Mark Wilson, the former head of Asian rival AIA (1299.HK), as its new chief executive.

Wilson will take over the top job at Aviva on January 1, the insurer said in a statement. He succeeds Andrew Moss, who quit in May amid shareholder discontent over the company's weak share price performance.

A couple of gaps to fill.

Looking to fill the gap.

Aviva ends the pain in Spain to gain £500m windfall

Hundreds of thousands of long-suffering shareholders in Aviva – and, indirectly, millions of with-profits investors with Britain’s biggest insurer – stand to gain from a cash windfall of nearly £500m.

The capital inflow is equivalent to 5pc of the life company’s stock market capitalisation and is expected to be received “no later than April 30, 2013”. It results from an agreement between Aviva and Bankia – a Spanish banking conglomerate – to scrap litigation in that country about a joint venture called Aseval.

AVIVA TO SELL AVIVA USA FOR US$1.8 BILLION


Aviva plc ("Aviva") announces that it has agreed to sell Aviva USA Corporation, its US life and annuities business and related asset management operations ("Aviva USA"), to Athene Holding Ltd ("Athene"), for US$1.8 billion (£1.1 billion). Aviva will retain the North American asset management activities of Aviva Investors that are focused on third parties, and Aviva plc assets outside of the USA.

The transaction represents significant further progress in narrowing the group's focus on businesses and markets where Aviva enjoys leadership positions and is able to generate attractive returns with a high probability of success. The transaction will increase Aviva's pro forma economic capital surplus coverage ratio by 17 percentage points to 165% (or the economic capital surplus by approximately £1.1 billion) placing the group within its target range of 160-175% of required capital (FY11: 130%). The sale will reduce the group's credit risk exposure by approximately 25%, and also reduce the sensitivity of the group's economic capital results to credit spread movements by approximately 30%.

Skinny..... please hold my hand. he he, looks like the yanks are called kiljoy.
Mind dont forger skiners when its resolved.............. its a late crimbo,
Down here at the Happy Lamb pissed as a fart with sardines @ timmy

Sounds like a plan - off for some Doombar shortly.

This may be of interest in any who consider "promised" yields and projected PE.

Sold shares a little earlier and bought a smaller quantity recently, but trader Sbs over the last month.


Looking at indicators I think that the trend up will strengthen.

Ps also think undervalued, unless I am missing something.

But DYOH


Year Ending Profit (£m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-12 1,389.37 47.16p 7.9 0.0 +177.42% 25.89p 7.1%
31-Dec-13 1,465.34 49.74p 7.4 1.4 +5.47% 26.07p 7.1%
31-Dec-14 1,571.60 53.35p 6.9 1.0 +7.25% 26.12p 7.1%



Date Broker name View Closing price Old price target New price target Broker change
11-Jan-13 Citigroup Buy 380.10p - - Upgrade
09-Jan-13 Barclays Underweight 373.70p 363.00p 317.00p DownGrade
07-Jan-13 Investec Securities Buy 388.40p 517.00p 422.00p Reiteration

I am pushing this one up the hill, but I have a little support;-

If projections are right should reward, but DYOH

15 Feb UBS 450.00 Buy
15 Feb Morgan Stanley 444.00 Overweight
13 Feb Panmure Gordon 425.00 Buy
11 Feb Credit Suisse 455.00 Outperform
8 Feb JP Morgan... 443.00 Overweight
7 Feb Citigroup N/A Buy

Final Results 7th March.

Finanacial Calendar

Exane BNP Paribas Outperform 353.50 354.00 369.00 414.00 Upgrades

Worth a watch - BREAKINGVIEWS VIDEO - Insurer dividend angst overdone

VIVA ANNOUNCES SALE OF RUSSIAN LIFE AND PENSIONS OPERATIONS

Aviva plc ("Aviva") today announces the sale of Aviva Russia to Blagosostoyanie, a non-state pension fund in Russia, for a consideration of €35 million. The consideration is payable in cash and represents a modest premium to IFRS book value. This transaction is consistent with Aviva's strategy to narrow the Group's focus to businesses and markets where Aviva has leadership positions.

The transaction, which is subject to the approval of the Federal Antimonopoly Service of the Russian Federation, is expected to complete in the first half of 2013.

Mark Wilson, Chief Executive Officer of Aviva plc, said:
"We are pleased to have agreed the sale of our life and pensions operations in Russia to Blagosostoyanie. This transaction builds on the progress we have made to narrow Aviva's focus."

-ends-

Nobody seems to believes these targets.


4 Mar JP Morgan... 443.00 Overweight
1 Mar Citigroup 479.00 Buy
28 Feb Credit Suisse 455.00 Outperform
28 Feb Citigroup 479.00 Buy
22 Feb Credit Suisse 455.00 Outperform
21 Feb RBC Capital... 350.00 Sector Performer

FY part 1 of 5

Good progress on disposals and turnaround programme

£3,050m loss principally arising from the sale of the US as previously disclosed

Economic capital surplus increased by £3.5bn to £7.1bn1

2012 total dividend 19p from 26p. Final dividend 9p from 16p

Priorities: cashflow and debt reduction

Twenty seven per cent reduction in divi so a yield now of just over five % , will there be a RSA type reaction , its the sensible course of action , but no doubt market will have a knee jerk reaction.

Yep - short AV, long SL would have been a good bet yesterday!

So we need 2.70 for 7%, unlikely, but would be a decent buy then.

Oh dear!

Good job I decided to invest in ADM instead.

Although my assumption is they will give 19 as the base from which to raise.

They may well reduce next year's interim as well.

Oriel Securities Hold 315.45 359.80 400.00 400.00 Retains

Panmure Gordon Hold 315.45 359.80 425.00 340.00 Downgrades

Barclays comment on the AV. divi cut:
"Aviva’s new CEO, Mark Wilson has taken the bold, but appropriate decision to cut the dividend, to enable the company, and management, sufficient breathing room to rebuild the business and invest where necessary. Our underweight thesis, Aviva plc: Dividend at risk - downgrade to UW, has been predicated on a number of key issues, namely earnings pressure (from asset sales, deleveraging and macro pressures) and internal liquidity concerns. Today’s actions appear to address these concerns head on, resolving the sustainability of the dividend and accepting the leverage and cashflow problems. The stock is not cheap, and we view our 302p price target (a 5% yield on the rebased yield) as fair value. Progress on expense savings will be the next key debating point, and execution on this will be a major measure of the new management’s success.
Taking the right decisions for the long term: However, these decisions come at the expense of short term earnings and dividends. Priority number 1 was to de-risk the company and increase solvency. This was the correct thing to do, was executed (172% solvency). However, it comes at the expense of earnings. And priority 2 was to reduce leverage, again, the right thing to do, but at the expense of earnings. Both of these actions have been positive for credit but negative for equity for now. The company has rebased the dividend at a more appropriate level for the franchise going forward.
Addressing its liquidity issue: Aviva plc: De-levering increases dividend pressure, The company is addressing the liquidity issues, and paying down leverage is the key priority. The company will pay down both internal and external leverage. They are replacing the internal leverage (its loan from the UK General Insurance business) with an interest-bearing intercompany loan, and will pay down £600m of the loan over the next three years.
Operating earnings in line with our estimates: but these (like RSA and the wider insurance sector) face continued pressure from low interest rates and the weak macro economy.
No new expense savings: Aviva has indicated that it intends to achieve in excess of its £400m expense savings target and we expect more detailed communication around this at a future date. It states it has realised £275m to date."

Just added here @316.7.

I'm in at 314.4. Looking forward to a reasonable divi even at the reduced value. Long term for me I think.

If you squint, RSI & Momentum ticking up.

Exane BNP Paribas Outperform 322.15 322.20 414.00 379.00 Upgrades

Credit Suisse Outperform 322.15 322.20 455.00 435.00 Reiterates

Barclys note on AV. today:
"Aviva’s new CEO, Mark Wilson, has taken the brave but appropriate decision to cut the dividend to a sustainable level, allowing the company to deal with its leverage and cash flow problems. However, these issues will take time to resolve, and we expect no meaningful increase in the dividend until 2017 when the external debt leverage should decrease from its current 50% towards its 40% target. Furthermore, Aviva is not cheap, trading on 1.4x book value (ex goodwill), with an estimated dividend yield in 2013 of 4.6%. We reiterate our UW recommendation.
Focus on de-levering, no meaningful increase in the dividend until 2017 – Aviva’s first priority was to improve economic solvency, achieved with the sale of the US division. However, this contributed to a £3.3bn loss in 2012, which drove external debt leverage to 50%. Aviva’s priority is to reduce the leverage to “below 40%”, which we believe will take until 2017, and we expect no meaningful increases in the dividend until then. Aviva has finally formalised its £5.8bn internal loan between UK GI and group, which, when coupled with the £7.0bn of external debt, increases total leverage to 91% of capital.
Focus on cash, not earnings, but takes time – Aviva is copying the Legal & General playbook and focusing on cash, not earnings. We believe this is the right thing do to, and has worked very well for L&G. However, it took Nigel Wilson at L&G three years to achieve this, and L&G didn’t start with the leverage issue that Aviva is facing. L&G’s earnings initially declined as it focused on cash, but the quality of earnings increased – a similar experience to Aviva would lead to further earnings erosion.
Aviva is not cheap – It is trading on 8.2x 2013E P/E, 1.4x book value (ex GW), with a yield of 4.6%. Its Big 5 peers (AXA, Allianz, Generali, Zurich) trade on 1.1x book value, with similar ROEs. We view the yield as unattractive, and highlight L&G’s 5.3% yield in 2013 as being both safer and with faster growth than Aviva’s. Aviva’s FY12 underlying earnings were in line with our estimates, and we are making no material changes to our below-consensus estimates. However, due to the 36% decline in book value (10% below our estimate), our PT declines 4% to 289p, 11% downside from current levels."

Harry - have you got a link to that site please?

Regret that's it for the moment. Will post more (or link) when I can track it down.

Bought some on the big drop,should rise toward ex divi date.

It had better.

I hold too many of them.

Director Deals - Aviva PLC (AV.)

BFN

Mark Wilson, Chief Executive Officer, bought 150,000 shares in the company on the 12th March 2013 at a price of 321.11p. The Director now holds 150,000 shares.

Story provided by StockMarketWire.com
Director deals data provided by www.directorsholdings.com

Aviva getting rid of staff.

Exane BNP Paribas Outperform 0.00 303.30 379.00 379.00 Retains

Citigroup Buy 309.10 432.00 432.00 Retains

Result of AGM

Interim Management Statement

Mark Wilson, Group Chief Executive Officer, said:

``In the first quarter we have taken steps to deliver our investment thesis of cash flow and growth.

``Our operating expenses are now 10% lower and we are on track to deliver our cost savings target of £400 million.

``Our key measure of growth - value of new business - has increased by 18% driven by actions to improve profitability in UK Life and growth in our Asian business. In general insurance, our profitability was stable with a COR of 96% with a strong result in Canada.

``Net asset value has increased by 9% to 302 pence and our internal debt level has reduced by £300 million.

``Today's results demonstrate the first steps towards delivery. I am conscious of the challenges and do not want to set expectations at an unrealistic level. Progress so far has been satisfactory and there is a great deal more we need to do for our shareholders."

Gap being filled.

in the blue at last.,.

Long may it continue.

PE 8.2 Div yield about 5%. not too bad and projections seem OK.

Credit Suisse Outperform 341.75 435.00 435.00 Reiterates

JP Morgan Cazenove Overweight 341.75 393.00 393.00 Reiterates

Berenberg Hold 331.25 350.00 375.00 Retains

On the cusp of a golden cross.

Canaccord Genuity Hold 370.70 335.00 385.00 Reiterates

HY13 Part 1 of 5

Cash flow
Cash remittances to Group up 30% at £573 million1 (HY12: £441 million)
Operating capital generation £936 million1 (HY12: £906 million)
The interim dividend is 5.6 pence per share (HY12: 10.0 pence per share), consistent with guidance given at the full year 2012

Profit
Operating profit 5% higher at £1,008 million1 (HY12: £959 million)
IFRS profit after tax of £776 million (HY12: loss after tax of £624 million)

Expenses
Operating expenses 9% lower at £1,528 million2 (HY12: £1,675 million)
Restructuring costs 10% lower at £164 million1 (HY12: £182 million)

Value of new business
Value of new business up 17% to £401 million (HY12: £343 million)
Increase driven by UK Life, France, Poland, Turkey and Asia

Combined operating ratio
Combined operating ratio 96.2% (HY12: 95.5%)

Balance sheet
Intercompany loan reduced by £700 million to £5.1 billion
IFRS net asset value per share 281p (FY12: 278p)
MCEV net asset value per share 441p (FY12: 422p)
Pro forma3 economic capital surplus4 within our target range at £7.6 billion, 175% (FY12: £7.1 billion, 172%)
Sale of remaining shareholding in Delta Lloyd, disposal of businesses in Russia and Malaysia, and transfer of Aseval completed

Aviva turnaround advances as first half sales rise

LONDON | Thu Aug 8, 2013 7:03am BST
(Reuters) - Insurance group Aviva (AV.L) posted a 5 percent rise in operating profits as rising sales in key markets offset weakness in southern European operations.

In a half year earnings statement on Thursday, Aviva said the value of new business - its key measure of growth - grew 17 percent to 401 million pounds.

The performance was driven by the UK, France and Asia, thought sales fell sharply in Italy and Spain, Aviva said.

Morgan Stanley Overweight 391.80 403.00 403.00 Reiterates

Shore Capital Sell 391.80 - - Reiterates

Bank of America Merrill Lynch Buy 399.00 399.00 400.00 475.00 Upgrades

L&G go above 3% http://www.moneyam.com/action/news/showArticle?id=4649111

Nomura Buy 398.60 398.60 414.00 474.00 Retains

Canaccord Genuity Buy 401.05 398.70 385.00 460.00 Upgrades

Iowa insurance commissioner approves Athene's $1.55 billion buyout of Aviva USA

NEW YORK | Thu Aug 15, 2013 8:22pm BST
(Reuters) - The Iowa insurance commissioner approved Athene Holding Ltd's pending $1.55 billion (990.47 million pounds) purchase of British insurer Aviva Plc's (AV.L) U.S. annuity business, the state said on Thursday.

Aviva's U.S. operations are headquartered in Iowa, and approval from that state and New York were two regulatory hurdles for the deal, Apollo said in an August 8 earnings call.

Bank of America Merrill Lynch Buy 404.30 404.30 475.00 475.00 Retains

Morgan Stanley Overweight 391.00 391.00 403.00 445.00 Reiterates

Bank of America Merrill Lynch Buy 411.40 475.00 475.00 Retains

Doing nicely!

F&C Asset Management Increase Holding http://www.moneyam.com/action/news/showArticle?id=4669580

Goldman Sachs Neutral 415.10 415.10 405.00 430.00 Retains

Aviva Completes Sale of Aviva USA

Aviva plc ("Aviva") announces that it has completed the sale of Aviva USA Corporation, its US life and annuities business ("Aviva USA"), to Athene Holding Ltd ("Athene").

The transaction proceeds are US$2.6bn[1] (£1.7bn) and are subject to customary completion adjustments. The proceeds are US$0.8bn higher than announced on 21 December 2012, and represent estimated earnings and other improvements in statutory surplus over the period from 30 June 2012 to 30 September 2013. Cash proceeds to Aviva are US$0.8 billion higher than announced on 21 December 2012, at US$2.3bn (£1.5bn), following repayment of an external loan of Aviva USA.

Mark Wilson, Group Chief Executive Officer, said:

"This is a solid outcome with transaction proceeds of US$2.6 billion. The sale of the US business is another milestone for Aviva: it simplifies the business, strengthens the capital position and is a step towards our goal of creating a business focused on cash flow and growth."

Merrill Lynch note today:
"Aviva has announced that it has completed the disposal of its US life business to Athene Holdings Ltd. Whilst not surprising given regulatory hurdles were known to have been cleared, the completion of the deal is a major step forward in Aviva’s restructuring and de-risking plans, in our view.
More importantly for the share price in the near term, the exit price is meaningfully higher than expected. The transaction proceeds are £1.7bn ($2.6bn), which i £0.5bn higher than announced in December last year. This is a reflection of improvements in the underlying business over the last nine months. After repayment of an external loan, cash proceeds to Aviva are expected to be £1.5bn. This £1.5bn will be used to cancel an internal loan between the US and the group (this was known), leaving £950m to be used for ‘general corporate purposes’.
Aviva has reported figures on a pro-forma basis since the announcement of the US disposal late last year. Therefore the only change to recently reported numbers is the uplift against the expected proceeds from the deal. The £0.5bn uplift is not subject to tax. But it is worth noting that the reported H1 book value included a £0.15bn uplift in the expected disposal price from market movements (we suspect many investors missed this). Therefore, we estimate there is a further £0.35bn positive adjustment to book value. This equates to 12p per share, which will probably drop to around 10p after transaction costs etc. This is 3.5% uplift to book value or 2.5% uplift against Aviva’s market cap. We would expect the shares to rise by this order of magnitude today.
Aviva remains an early stage restructuring story. We expect the shares to move higher in the coming 12 months mainly through a reduction in the cost of equity as the restructuring takes hold. During the period of de-leveraging, we expect Aviva’s ROE to be supported by significant cost savings. We estimate the shares are trading on 8.8x & 8.2x 2014E & 2015E IFRS EPS respectively; 1.35x IFRS book value; 3.8% dividend yield and 10.8% FCF yield. We reiterate our Buy rating and 475p PO."

Looks promising Harry.

3 October 2013

Aviva plc (the "Issuer") €650,000,000 Fixed/Floating Rate Subordinated Notes due 2023 (ISIN: XS0177448015) (the "Notes") Cancellation of Listing

The Issuer wishes to announce that it has, on 2 October 2013, in accordance with the Terms and Conditions of the Notes, redeemed the Notes in full and that the listing of the Notes on the Official List of the United Kingdom Listing Authority has been cancelled with effect from (and including) 3 October 2013.

The last six months on that chart look exceedingly good and we now have the promise of more to come. I had been looking to sell to reinvest in something with a higher yield, but I reckon I'll hold on for a while yet. That Merrill Lynch target of 475p would be rather nice. Worth holding for another 12 months to see just how close we get.

Societe Generale Buy 411.10 414.80 400.00 560.00 Retains

New 2+ year high this morning @427.10p

560 looks even more interesting than 475, Skinny. Looks like I could be here for some time yet.

Let's hope lord Gnome!

AVIVA APPOINTS PATRICIA CROSS AS NON-EXECUTIVE DIRECTOR

Aviva plc ("Aviva") has appointed Patricia Cross as an independent non-executive director of the Board with effect from 1 December 2013. She will also join the Board Audit, Remuneration and Nomination Committees.

Patricia has over thirty years' experience as both an executive and non-executive director across a wide range of financial services and other regulated industries in the US, Europe and Australia. She has served as a non-executive director of ASX-50 Australian companies for seventeen years, and is currently a non-executive director of Macquarie Group Limited and Macquarie Bank Limited where she is chairman of the Risk Committee and a member of the Audit Committee. She is also a non-executive director at Qantas Airways Limited where she is chairman of the Remuneration Committee and is a member of the Audit and Nomination Committees.

Until recently, Patricia was a non-executive director of National Australia Bank Limited (owner of Clydesdale Bank plc in the UK), where she chaired the Remuneration Committee, was a nominated FCA Approved Person, served as a Director of the wealth management subsidiary JB Were Pty Ltd, and was a member of the Risk and Nomination Committees. She has previously been a non-executive director of Wesfarmers Limited, Suncorp-Metway Limited and AMP Limited, all listed companies in Australia, and also served as Chairman of Qantas Superannuation Limited (the Qantas pension fund) and Deputy Chairman of the monoline third party insurer TAC in Victoria. Prior to becoming a non-executive director, Patricia worked for sixteen years in senior executive positions at National Australia Bank Limited, Chase Manhattan Bank, Chase Investment Bank and Banque Nationale de Paris.

Interim Management Statement

Canaccord Genuity Buy 434.15 460.00 460.00 Reiterates

Societe Generale Buy 434.15 560.00 560.00 Retains

Barclays Capital Underweight 434.15 - - Reiterates

JP Morgan Cazenove Overweight 434.15 486.00 486.00 Reiterates

I like the sound of 560. Thanks Societe Generale. They must be long on Aviva!

Aviva to Sell Stake in Italian Insurer Eurovita

AVIVA TO SELL STAKE IN ITALIAN INSURER EUROVITA


Aviva plc ("Aviva") announces today that it has reached a conditional agreement to sell its entire 39% stake in Eurovita Assicurazioni S.p.A. ("Eurovita") to JC Flowers ("JCF")1 for a total consideration of €33m, payable in cash. Proceeds will be used for general corporate purposes.The sale is subject to approval by IVASS, the Italian insurance regulator.

If approved, the transaction would increase Aviva's economic capital surplus by £0.1bn and will have no impact on Aviva's IFRS net assets. The agreement represents further progress in Aviva's strategy to focus our Italian business on more profitable, capital efficient products.

Eurovita is an Italian life insurer which distributes guaranteed savings products through a network of local and regional Italian banks. Eurovita contributed £6m to Aviva's IFRS profit after minorities in the first half of 2013. Eurovita had ca. £3bn IFRS total assets at 30 June 2013.

Eurovita is majority owned by Aviva and Banco Popolare. Banco Popolare has agreed to sell its entire stake in Eurovita to JCF.

Nomura Buy 424.90 424.90 474.00 489.00 Retains

12 month high @454.40p

I've sold some @454.12p

I'm sticking with mine for the present, Skinny. Mine aren't held in an ISA and I have used up my CGT allowance for this year. A sell now would be very expensive. Very fortunate in some ways as I would have sold out at 445 if I had been free to do so.

Looking strong.

Citigroup Buy 478.85 502.00 525.00 Retains

480p has been a step too far twice - 3rd time lucky?

Can't get the monitor page this morning.
Anybody else having problems ?

Yes , Av. looking strong but top of it recent trading range .

I had expected that the recent flooding problems might adversely affect this insurer. Apparently not or not yet .

Citigroup Buy 475.00 476.20 525.00 525.00 Retains

Aviva and Astra International Joint Venture

AVIVA AND ASTRA INTERNATIONAL SIGN JOINT VENTURE IN INDONESIA

§ Astra International and Aviva join forces to create life insurer Astra Aviva Life
§ Partnership between Indonesia's largest publicly listed company and the UK's largest insurer in one of Asia's fastest growing markets
§ Joint venture to serve both Astra customer network and the wider market in Indonesia

PT Astra International Tbk ("Astra"), Indonesia's largest publicly listed company and Aviva plc ("Aviva"), the UK's largest insurer, today signed an agreement to form Astra Aviva Life, a 50-50 joint venture to sell and distribute life insurance products in Indonesia.

more...

Through 480 this time ?

Ex-divi wed 5th Mar (4.1875p)

Is this a drop in divi?

Bank of America Merrill Lynch Buy 461.40 462.50 - 540.00 Retains

Skinny,

I flogged the majority of my holdings in these yesterday.

Satisfied with return.

As stated somewhere else I thought projected fundamentals and charts were not showing overbought and medium term trend OK.

However, I am wondering what the effects of the cost of "Flooding" will have in the short term.

Also pull out of sbs on OML and RSA.

Still wondering!

But trawling thro' charts of Ft 350 the majority are seem moving into overbought short term territory!

I'm holding for now but am looking to reduce - 480p seems to be a step too far for these, having looked at it 3 times since 2009.

I agree it is becoming difficult to find investments with reasonably upside potential.

JP Morgan Cazenove Overweight 469.00 469.00 486.00 491.00 Reiterates

Every body is asking - what effect will the flood damage have on Aviva.
Any body got an answer ?

This from Friday :- Aviva, RSA, Direct Line Face Heaviest Losses From British Floods

If correct, then :- " For Direct Line, RSA (RSA) and Aviva, losses as a percentage of 2014 net income will be about 15 percent, 9 percent and 5 percent respectively, according to Goldman Sachs."

FY13 Part 1 of 5

Cash flow
∙ Cash remittances1 to Group up 40% at £1,269 million2 (FY12: £904 million)
∙ Operating capital generation1 £1,772 million (FY12: £1,859 million)
∙ Remittance ratio 72%1,2 (FY12: 49%)
∙ Final dividend per share 9.4p (FY12: 9p). Full year dividend per share 15p.

Profit
∙ Operating profit1 6% higher at £2,049 million (FY12: £1,926 million)
∙ IFRS profit after tax £2,151 million (FY12: loss after tax £2,934 million)

Expenses
∙ Operating expenses £3,006 million1,3, down 7%
∙ £360 million cost savings already achieved
∙ 2013 cost savings ahead of plan

Value of new business
∙ Value of new business5 up 13% at £835 million (FY12: £738 million)
∙ Poland, Turkey and Asia5 contributed 21% of Group VNB (FY12: 16%) and collectively grew 49%

Combined operating ratio
∙ Combined operating ratio 97.3% (FY12: 97.0%)
∙ 2014 flood losses of £60 million in the UK in January and February, in line with long term average

Balance sheet
∙ Intercompany loan reduced by £1.7 billion to £4.1 billion at end of February 2014 (FY12: £5.8 billion)
∙ Agreed plan to reduce inter-company loan to £2.2 billion by end of 2015, utilising £450 million of existing cash resources and £1.45 billion of other actions
∙Liquidity of £1.6 billion at end of February 2014
∙ Economic capital surplus4 £8.3 billion (FY12: £7.1 billion4), coverage ratio 182%
∙ IFRS net asset value per share 270p (FY12: 278p)
∙ MCEV net asset value per share 445p (FY12: 422p)

2013 FINAL DIVIDEND ON AVIVA PLC ORDINARY SHARES AND

DIVIDEND ON 8(3) /(4) % CUMULATIVE IRREDEEMABLE PREFERENCE SHARES

Aviva announces that:

-- On 5 March 2014, the Directors declared a final dividend of 9.4 pence per share on Aviva ordinary shares. The final dividend for the year ending 31 December 2013 will be paid on 16 May 2014 to shareholders on the Register of Members on the record date of 4 April 2014. Holders of Aviva American Depository Receipts (ADRs) will be paid the dividend approximately five business days after the payment to ordinary shareholders.

-- On 5 March 2014, the Directors declared a dividend of 4(3) /(8) % per share NET on 8(3) /(4) % Cumulative Irredeemable Preference Shares. The dividend for the six month period ending 30 June 2014 will be paid on 30 June to shareholders on the Register of Members on the record date of 6 June 2014.

-- The Directors approved the following provisional dividend dates.
Ordinary shares

2014 Interim payment

Ex-dividend date - 9 October 2014

Associated record date - 10 October 2014

Payment date - 17 November 2014

Preference shares

8 3/8 % pref. shares - Payment 2

Ex-dividend date - 3 September 2014

Record Date - 5 September 2014

2nd Payment Date - 30 September 2014

8 3/4 % pref. shares - Payment 2

Ex-dividend date - 4 December 2014

Record Date - 5 December 2014

2nd Payment Date - 31 December 2014

6 March 2014

A slight divergence!

Beaufort Securities Hold 519.25 - - Reiterates

Barclays Capital Underweight 519.25 380.00 415.00 Reiterates

JP Morgan Cazenove Overweight 519.25 491.00 528.00 Reiterates

Aviva PLC Deutsche Bank Hold 519.25 430.00 430.00 Reiterates

RBC Capital Markets Underperform 519.25 400.00 400.00 Reiterates

Canaccord Genuity Buy 523.25 504.00 460.00 570.00 Reiterates

Shows what brokers know.

RBC Capital Markets Sector Performer 509.50 509.50 400.00 550.00 Upgrades

Nomura Buy 509.50 509.50 489.00 625.00 Retains

Credit Suisse Outperform 481.10 480.30 502.00 565.00 Reiterates

Disposal of Turkey GI business

AVIVA SELLS ITS TURKISH GENERAL INSURANCE BUSINESS

Aviva plc ("Aviva") today announces the sale of its Turkish general insurance business Aviva Sigorta A.Ş, to a private equity consortium led by EMF Capital Partners ("EMF"). This agreement is part of Aviva's strategy to narrow the group's focus on businesses where it has a leadership position and can generate attractive returns.

Aviva's life and pensions business in Turkey, AvivaSA, is unaffected by this transaction. AvivaSA is a key growth business for the group, one of Aviva's future cash generators and a leading life and pensions provider in Turkey.

The sale is subject to relevant regulatory approval and is expected to complete in the first half of 2014.

-ends-

City watchdog to probe 30m financial policies

The City regulator is to investigate about 30 million insurance company policies over concerns that customers are subject to "unfair" conditions.

The investigation will include pensions, endowments, investment bonds and life insurance policies sold in the UK between the 1970s and 2000.

The Financial Conduct Authority (FCA) will look into policies which penalise savers who want to switch providers.

The FCA told the Daily Telegraph it might "intervene on exit charges".

more....

JP Morgan Cazenove Overweight 487.45 528.00 570.00 Reiterates

AVIVA SIMPLIFIES ITS ITALIAN JOINT VENTURES

AVIVA SIMPLIFIES ITS ITALIAN JOINT VENTURES
WITH UBI BANCA AND UNICREDIT

• Significant simplification of Aviva's life joint ventures in Italy to facilitate cash remittances

• Divestment of equity investments in UBI Banca subsidiary banks, increased ownership of joint ventures with UBI Banca and an extended distribution agreement with UBI Banca, delivering improved value of new business

• Restructuring of UniCredit joint venture, decoupling from UBI Banca, and a new distribution agreement with UniCredit focused on a selected product range


Aviva plc ("Aviva") announces that it has reached agreements with UBI Banca S.c.p.a. ("UBI Banca") and UniCredit S.p.A. ("UniCredit") to restructure its life joint ventures in Italy.

Aviva's current structure in Italy is complex. Aviva has two joint ventures with UBI Banca: one owned 50% by Aviva, and one owned 50% by Aviva S.p.A., itself a joint venture between UniCredit and Aviva. In addition, Aviva S.p.A. owns minority equity investments in three of UBI Banca's subsidiary banks.

The transaction is a significant simplification of Aviva's life business in Italy. As part of the restructuring, Aviva will increase its holding to 80% of the joint ventures that offer products to UBI Banca customers, with UBI Banca owning 20%. Aviva's distribution agreement with UBI Banca will be extended from 2015 to 2020, focused on savings and life protection products. Aviva S.p.A. will also sell the minority equity investments to UBI Banca. As a result, the indirect relationship between UniCredit and UBI Banca will be decoupled.

Aviva S.p.A., which will continue to be owned 51% by Aviva, will enter into a new five year distribution agreement with UniCredit offering selected products, and increased capital efficiency.

Aviva will make a balancing payment of approximately £25 million to fund the transaction. The transaction is expected to be broadly neutral to Aviva plc's economic capital and IFRS NAV at completion. The transaction is subject to customary approvals.

JP Morgan Cazenove Overweight 509.00 509.00 - 570.00 Reiterates

Deutsche Bank Hold 509.00 509.00 480.00 495.00 Reiterates

Interim Management Statement

AVIVA PLC CAPITAL MARKETS DAY

Aviva plc ("Aviva") today is hosting a capital markets day for analysts and investors (agenda and online joining instructions included below).

Mark Wilson, Group Chief Executive Officer, will set out the three central elements of Aviva's business strategy which can be summarised as:

1. True customer composite. Aviva is a composite offering its customers life, general and health insurance and asset management, and is the only composite of scale in the UK. Historically, the financial benefits of being a composite were clear: diversification benefits of risk and capital. The customer benefits were less evident. But as the world becomes more digital and less intermediated it will become easier to sell direct to customers and to package products. Being a true customer composite will enable Aviva to have a strong competitive advantage going forward.

2. Digital first. Digital is how Aviva will capitalise on being a true customer composite. It is how customers increasingly want to do business with Aviva. In the future, Aviva's focus will be to think digital first, and that means digital across all distribution channels; direct, IFA, broker, affinity and bancassurance for both consumers and business customers. Digital, and the advantages that come with automation, will be central to how Aviva operates.

3. Not everywhere. Aviva has reduced its footprint from 28 markets in 2011 to 17 today and improved its return on capital. Aviva will focus on a small number of markets where it has scale and profitability or a distinct competitive advantage. Aviva will actively reallocate capital to businesses where it can achieve the best returns.

Aviva will also set out today new targets to support the strategy and the investment thesis of cashflow and growth. Aviva will:

- double holding company annual excess cashflow[1] to £800 million by the end of 2016 (FY13: £0.4 billion)
- reduce the operating expense ratio to below 50% by the end of 2016 (FY13: 54%)


In addition, Aviva reiterated its deleveraging targets:

- to reduce the intercompany loan balance to £2.2 billion by the end of 2015
- to reduce the gross external leverage ratio to below 40% of tangible capital over the medium term

Mark Wilson, Group Chief Executive Officer, said:

"We have made some progress at Aviva and it is time to move to the next phase of the turnaround. With a clear strategy and targets in place, the size of the opportunity for Aviva is compelling. We acknowledge the challenges ahead, but we now have an exceptional leadership team to enable us to deliver."

don't know if big sin but shorted 501.good stop here.

Didnt wait for stop.out 502.2

Jefferies International Buy 493.00 493.00 - 584.00 Initiates/Starts

HY14 part 1 of 5

Jefferies International Buy 525.50 525.50 584.00 585.00 Reiterates

JP Morgan Cazenove Overweight 525.50 525.50 570.00 580.00 Reiterates

StockMarketWire.com
Aviva is to sell its holding in its joint venture CxG Aviva to Novacaixagalicia Banco for €287m in cash.

The transaction results from a decision by an arbitration tribunal in Madrid which concludes legal proceedings between Aviva and NCG Banco. The tribunal has determined a breach by NCG Banco of its shareholder agreement with Aviva following the merger of Caixa Galicia and Caixa Nova into Novacaixagalicia in December 2010, and the bank's subsequent restructuring in 2011.

The consideration represents a multiple of 25 times CxG Aviva's 2013 operating earnings.

Cash proceeds will increase Aviva's group liquidity by £226 million, and will be used for general corporate purposes. The transaction will increase Aviva's IFRS net asset value by approximately 4 pence per share and economic capital surplus by approximately £0.2bn as at HY 2014. In 2013 CxG Aviva contributed IFRS operating profit of £27m.

Aviva Europe chief executive David McMillan said: "This is a good outcome for Aviva which reflects the strong agreements we have in place. We remain focused on maximising returns from our Spanish business in a recovering economy, where we have strong partnerships with leading regional banks, as well as agency and broker distribution."

The transaction is expected to complete by the end of 2014 and is subject to regulatory approvals in Spain. Aviva's joint ventures with Banco Mare Nostrum, Banco CEIIS, Unicaja and Pelayo Seguros, and agency distribution unit Aviva Vida y Pensiones are unaffected by this ruling.

Ex dividend this Thursday 9th 5.85p.

Credit Suisse Outperform 513.75 575.00 575.00 Retains

Exane BNP Paribas Underperform 513.75 485.00 485.00 Reiterates

Panmure Gordon Hold 513.75 585.00 505.00 Downgrades

Jefferies International Buy 513.75 585.00 585.00 Reiterates

Synergies from Aviva-Friends Life deal could be 'substantial', says The Share Centre

Mon 24 November 2014 16:04 | A A A
No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

The proposed tie-up between insurance groups Aviva and Friends Life Group could create "substantial synergies", according to The Share Centre, details of which still remain unknown.

Register for Aviva plc share research updates
The companies announced after the close on Friday that they had agreed on terms for a possible all-share combination. Friends Life shareholders would get 0.74 Aviva shares for each Friends Life share they own, valuing Friends Life at 398.9p per share or £5.6bn.

Sheridan Admans, investment research manager at The Share Centre, said: "Should the deal happen analysts believe synergies would be substantial, with Aviva's balance sheet benefiting as would its pensions and protection operations. Friends Life investors should benefit from improved growth prospects."

However, she warned that the merger is still "not a done deal".

"Friends Life investors may push for a higher premium or other interested parties may show their hand, however the latter is assumed to be unlikely given the size of the deal and the implication that may pose."

Due to the merger activity, The Share Centre has downgraded its rating on Aviva to 'hold' until more details are released, but said that any weakness in the share price might by a good entry point for potential investors given the positive long-term outlook.

Friends Life is also rated a 'hold'.

OFFER FOR FRIENDS LIFE GROUP LIMITED BY AVIVA PLC

RECOMMENDED ALL-SHARE ACQUISITION OF
FRIENDS LIFE GROUP LIMITED BY AVIVA PLC
Summary
· The Boards of Aviva and Friends Life are pleased to announce that they have reached agreement on the terms of a recommended all-share acquisition of Friends Life by Aviva.
· Under the terms of the Proposed Acquisition, holders of Friends Life Shares will receive 0.74 New Aviva Shares for each Friends Life Share they hold.
· Based on the Exchange Ratio and the Closing Price of Aviva and Friends Life shares as at 20 November 2014 (being the last business day prior to talks between Aviva and Friends Life being made public), the Proposed Acquisition, excluding the payment to RCAP in relation to the Value Share and Friends Life's proposed second interim dividend payment in respect of the 2014 financial year (each as described below), values each Friends Life Share at 394p and Friends Life's existing issued ordinary share capital at approximately £5.6 billion, representing a premium of:
- 15 per cent. to the Closing Price of 343p per Friends Life Share on 20 November 2014; and
- 27 per cent. to the average Closing Price of 310p per Friends Life Share for the three-month period ended 20 November 2014.
· Based on the Exchange Ratio and the Closing Price of Aviva as at 1 December 2014, the Proposed Acquisition values each Friends Life Share at 370p, which represents a premium of 8 per cent. to the closing price of 343p per Friends Life Share on 20 November 2014.
· In addition, assuming the Proposed Acquisition completes, Friends Life Shareholders who are on the Friends Life shareholder register at the Friends Life Record Date will also be entitled to receive, in place of Friends Life's 2014 final dividend, Friends Life's proposed second interim dividend of 24.1p per share, in respect of the 2014 financial year, resulting in a 2014 full year dividend of 31.15p per share. In the event that the Proposed Acquisition does not complete, Friends Life expects that its 2014 final dividend and therefore its 2014 full year dividend would be in line with Friends Life's 2013 final dividend and 2013 full year dividend, respectively. Friends Life Shareholders will have no entitlement to Aviva's proposed 2014 final dividend.
· The Proposed Acquisition would result in Friends Life Shareholders owning approximately 26 per cent. of the issued ordinary share capital of the Enlarged Aviva Group.
· The Proposed Acquisition accelerates Aviva's investment thesis of "cash flow plus growth" with a financial and strategic rationale that the board of Aviva believes creates a compelling opportunity for the Enlarged Aviva Group to create value for both sets of shareholders:
Financial
- Expected to generate approximately £0.6 billion incremental Holdco Excess Cash Flow per annum[1];
- Gives rise to a combined central liquidity position of £2.4 billion[2];
- Reduces "day 1" external debt leverage and S&P Leverage to a level consistent with an S&P AA rating, beyond Aviva's medium term objectives, with no requirement to further deleverage the Enlarged Aviva Group;
- Expected to generate approximately £225 million of run-rate annual cost synergies by the end of 2017, which Aviva has valued at approximately £1.8 billion[3]. Aviva believes these synergies will deliver substantial value and increase cash flow generation and expects significant additional value through capital, financial and revenue synergies over time; and
- Accelerates Aviva's expected dividend growth, with the intention, in the medium term, to move dividend cover to approximately 2x operating EPS on an IFRS basis.
Strategic
- Secures position as the leading insurance and savings business in the Enlarged Aviva Group's home market, with 16 million customers in the UK (prior to the deduction of overlapping customers);
- Increases scale in attractive segments of the UK Life market including leadership position in Corporate Pensions, Protection and At-Retirement;
- Opportunity for Aviva Investors to add up to approximately £70 billion[4] of Friends Life's UK assets under administration, increasing its AuM by up to 29 per cent., to up to approximately £309 billion[5];
- Brings 5 million current Friends Life customers to Aviva, who stand to benefit from being part of a stronger and more diversified group with a wider product range, and enables Aviva to accelerate its Digital First and True Customer Composite strategies;
- Adds significant scale to Aviva's existing UK Life back book, as well as a management team with the expertise to unlock further value from UK Life insurance back books; and
- Enables investment in the Enlarged Aviva Group's growth businesses.
· The Aviva Directors propose to pay a 2014 final dividend of 12.25p per share, representing a 30 per cent. increase on the 2013 final dividend per share, and resulting in a 2014 full year dividend of 18.1p per share. The Aviva Directors believe the Proposed Acquisition would be broadly neutral to Aviva's operating EPS once full run-rate synergies are achieved, expected by the end of 2017.
· The Aviva Directors believe the Proposed Acquisition brings together two successful management teams, combining Aviva's particular expertise in cost reduction and turnaround with Friends Life's expertise in business integration and back book management.
· Following the Proposed Acquisition, it is anticipated that, Andy Briggs, the current Group Chief Executive of Friends Life, will become Chief Executive Officer of Aviva UK Life and will join the board of Aviva as an Executive Director. Shortly after the Scheme becomes Effective, it is expected that Sir Malcolm Williamson, the current Chairman of Friends Life, will join the board of Aviva as Senior Independent Director and it is anticipated that a further Non-Executive Director of Friends Life will join the board of Aviva.
· The Exchange Ratio and implied premium have been agreed between Aviva and Friends Life having taken into account the impact of the Value Share and the consideration that will be due from Friends Life to RCAP under the terms of the Limited Partnership Agreement.
· At completion of the Proposed Acquisition, Friends Life is required to settle the Value Share in cash. The cash consideration payable to RCAP is expected by Friends Life to be approximately £220 million. However, under the terms of the Limited Partnership Agreement, RCAP can elect to receive the consideration in Friends Life Shares. If RCAP elects for shares, any Friends Life Shares would be acquired by Aviva immediately following completion of the Proposed Acquisition at the Exchange Ratio in connection with the proposed implementation of the Scheme.

more..

Jefferies International Buy 506.00 506.00 585.00 608.00 Reiterates

That would be nice!

From the Telegraph

If Mark Wilson can pull off his proposed takeover of Friends Life, investors will be in for a profitable ride.

The mooted acquisition will right Aviva’s balance sheet and should provide for a steady dividend stream for some time to come.

The deal is not without its risks: investors may yet decide it is not for them, and even if both sides vote yes, it may be that the enlarged company is too focused on the UK.

That said, Wilson is a man who knows insurers in and out, and has a strong track record when it comes to acquisitions.
He would not have considered this deal in the first place if he didn’t think it was something that could truly transform Aviva’s balance sheet, and its potential in the future.

Aviva’s shares have oscillated within a relatively fixed range in the last 12 months, but if the Friends deal is a-go, then they should have the potential to perform strongly.

Panmure Gordon Buy 548.25 585.00 660.00 Retains

Results are on the 5th March - Financial Calendar

FY14 Part 1 of 5

"These results show tangible progress, with all key metrics moving in the right direction. Cash is up 65%, operating earnings per share is up 10%1, value of new business is up 15%2 and book value is 26% higher. Operating expenses are £571 million lower than our 2011 base-line, debt ratios are down and our full year combined ratio of 95.7% is the best in eight years.

"We have increased our final dividend by 30% to reflect the progress made during the year and our improved financial position. We have entered 2015 in a position of strength.

"Nevertheless, it would be wrong to assume that our turnaround is nearing completion as we have further to travel than the distance we have come."

Cash flow
· Holding company excess cash flow3 up 65% to £692 million (FY13: £420 million), vs. 2016 target of £800 million

· Cash remittances up 11% to £1,412 million (FY13: £1,269 million)

· Final dividend up 30% to 12.25p. Total dividend 18.1p (FY13: 15.0p)

Profit
· Operating profit1 6% higher at £2,173 million (FY13: £2,049 million)

· Operating EPS1 up 10% to 47.0p (FY13: 42.6p)

· Life back book actions contributed £282 million to operating profit (FY13: £116 million)

· IFRS profit after tax1 up 91% to £1,680 million (FY13: £878 million)

Value of new business
· Value of new business (VNB) grew 15%2 to a record £1,009 million (FY13: £904 million)

· Growth markets of Poland, Turkey and Asia4 grew 25%2 and now make up 22% of VNB4

· UK Life VNB was constant at £473 million (FY13: £469 million) despite changes to annuity market

Expenses
· Operating expense ratio of 51.5% (FY13: 54.1%1), vs. target of <50% by the end of 2016

· £571 million of operating expense saves achieved against original target of £400 million

Combined operating ratio
· Combined operating ratio (COR) of 95.7% (FY13: 97.3%)

· UK COR of 94.8% (FY13: 97.0%)

· Canada COR of 96.1% (FY13: 94.6%)

Balance sheet
· IFRS net asset value per share increased 26% to 340p (FY13: 270p), benefitting from retained earnings and a gain in the pension surplus

· External leverage ratio 41% of tangible capital (FY13: 48%), 28% on an S&P basis (FY13: 31%)

· Intercompany loan balance of £2.8 billion at end of February 2015 (February 2014: £4.1 billion)

· Economic capital surplus5 £8.0 billion including £0.4 billion deduction from dividend proposed in December 2014 (FY13: £8.3 billion)

Deutsche Bank Buy 569.50 569.50 605.00 630.00 Reiterates

Aviva loses legal fight to end time-travelling risk-free investments

Jefferies International Buy 553.50 553.50 608.00 630.00 Reiterates

Ex dividend today the 8th and not tomorrow @12.25p.

1Q 2015 IMS

The acquisition of Friends Life was completed on 10 April 2015, after the period to which this trading statement applies. Therefore, unless otherwise stated, all numbers outside of the Friends Life section are for Aviva standalone.

Life insurance
· Value of new business (VNB) grew 14%1 to £247 million (1Q14: £224 million)

· UK Life VNB grew 15% to £103 million (1Q14: £89 million), driven by higher equity release and pensions, which more than offset a reduction in annuity VNB

· Europe2 VNB grew 11%1 to £102 million, flat in reported currency

· Asia2 VNB grew 16%1 to £36 million (1Q14: £29 million)

General insurance
· Combined operating ratio (COR) improved to 96.4% (1Q14: 97.7%)

· UK COR of 98.3% (1Q14: 98.6%), Canada COR of 98.1% (1Q14: 102.7%), Europe COR of 89.8% (1Q14: 92.0%)

· GI and health net written premiums up 2%1 to £2,037 million, down 2% in reported currency

· UKGI net written premiums up 1% to £855 million (1Q14: £845 million)

Cash
· Operating capital generation (OCG) £0.5 billion (1Q14: £0.4 billion)

Balance sheet
· IFRS net asset value per share increased 2% to 348p (FY14: 340p)

· Economic capital surplus3 £8.1 billion (FY14: £8.0 billion), coverage ratio 177% (FY14: 178%)

· The acquisition of Friends Life added c.55p to our NAV per share on closure4

· Standalone external leverage ratio 40% of tangible capital (FY14: 41%), 28% on an S&P basis (FY14: 28%). Adjusted for Friends Life, estimated leverage ratios are 36% and 27% respectively on closure, well within our target range

· Holding company liquidity of £1.8 billion at 30 April 2015 including Friends Life

Friends Life
· Friends Life transaction completed on 10 April 2015 and detailed integration plans are being implemented

· Positive corporate benefits net flows of £0.2 billion, corporate benefits AUA 7% higher at £23.6 billion (FY14: £22.0 billion)

· Friends Life VNB declined to £20 million (1Q14: £32 million), driven by the expected decline in retirement income VNB following last year's Budget announcement


more..

2015 Interim Results Announcement

"The 15% increase in the dividend is a further step towards achieving our target payout ratio and underlines our confidence in our cash flow and the business."

· 2015 interim dividend up 15% to 6.75p (HY14: 5.85p)

Worth a read - Aviva interims underpin mouthwatering dividend yield

StockMarketWire.com
Aviva says it maintained the momentum of its transformation in the third quarter with further improved performance.

In life insurance, value of new business was up 25%, the eleventh consecutive quarter of growth. And it says the general insurance combined ratio of 94.0% is a more than adequate result.

Group chief executive Mark Wilson said: "This level of consistency is important as we transform and grow Aviva.

"The acquisition of Friends Life is everything we expected it to be. We have now achieved £91 million of savings against our target of £225 million. At the same time our UK Life business continues to grow and our customers are responding positively to the full range of pensions freedoms we offer.

"In asset management, our flagship fund range, AIMS, continues its strong investment performance and the Target Return Fund has recorded returns of 6.6% over the past 12 months. AIMS now has £1.9 billion of funds under management. We expect this growth to continue."

Deutsche Bank today reaffirms its buy investment rating on Aviva PLC (LON:AV.) and cut its price target to 610p (from 620p).

StockMarketWire.com
Aviva has confirmed that its Canadian business, Aviva Canada, will acquire RBC General Insurance Company for GBP281m, subject to customary completion adjustments.

Aviva Canada will also enter into an exclusive 15 year strategic agreement with RBC Insurance to provide a full range of general insurance products to existing and future RBC Insurance customers.

The Company added that RBC Insurance customers will also benefit from Aviva Canada's expertise in claims, underwriting and new product development.

Mark Wilson, Group Chief Executive Officer, said:
"This new partnership extends Aviva's presence in general insurance, brings additional diversification benefits to the group and presents excellent opportunities for revenue and earnings growth in the attractive Canadian market. RBC has a formidable brand and loyal customer following whilst Aviva brings deep insurance expertise - all the makings of an excellent partnership."

StockMarketWire.com
Aviva's operating profits rose by 20% to GBP2.7 billion in 2015 , and value of new business increased 24%, representing 12 consecutive quarters of growth.

Operating EPS increased 2% to 49.2p (FY14: 48.3p) despite foreign exchange headwinds and IFRS profit after tax £1,079 million (FY14: £1,738 million). The total dividend is up 15% to 20.8p (FY14: 18.1p).

Group chief executive Mark Wilson said: "2015 was about stability and growth at Aviva, against a background of market volatility and uncertainty. Aviva is now a stronger and more focused business. We have completed the fix phase of our transformation." "With a Solvency II ratio1 of 180% and a surplus1 of £9.7 billion, our balance sheet is one of the strongest and most resilient in the UK market. Over the last four years, we have tripled our economic capital surplus." "The integration of the £6 billion Friends Life acquisition has gone faster and better than expected. We expect to achieve our target of £225 million integration synergies in 2016, one year ahead of schedule. After nine months, we have achieved run-rate synergies of £168 million and expect £1.2 billion of capital benefits, £400 million of which we have realised in 2015." "Operating profits2,3 are up 20% to £2.7 billion, and value of new business increased 24%4,5, representing twelve consecutive quarters of growth. The combined ratio3 in our general insurance business improved to 94.6%, the best in nine years, despite the recent floods and Aviva Investors grew fund management profits by 33% to £105 million." "Overall this is a highly satisfactory set of results and the Board has decided to increase the final dividend per share 15% to 14.05p." "We enter 2016 from a position of strength. Our focus remains on transforming our business and delivering on our commitments."

Panmure Gordon Buy 479.15 660.00 660.00 Retains

Finals http://www.moneyam.com/action/news/showArticle?id=5230479 Market likes them, SP up over 5%.

RBC Capital Markets Underperform 488.05 460.00 480.00 Reiterates

Here is exciting news.

Broker Forecast - Barclays Capital issues a broker note on Aviva PLC

BFN

Barclays Capital today reaffirms its overweight investment rating on Aviva PLC (LON:AV.) and raised its price target to 664p (from 663p).

Story provided by StockMarketWire.com

JP Morgan Cazenove today reaffirms its overweight investment rating on Aviva PLC (LON:AV.) and cut its price target to 584p (from 594p).

Some support here closing the gaps on the way down. I just seem to be fixated with gaps lately :0) No position watching.

LATEST BROKER VIEWS

Date Broker New target Recomm.
22 Mar JP Morgan... 584.00 Overweight
18 Mar Barclays... 664.00 Overweight
17 Mar HSBC 550.00 Hold
14 Mar RBC Capital... 480.00 Underperform
11 Mar Societe... 690.00 Buy
11 Mar Beaufort... N/A Buy
11 Mar Deutsche Bank 610.00 Buy
11 Mar JP Morgan... 594.00 Overweight
10 Mar Panmure Gordon 660.00 Buy
7 Mar Deutsche Bank 610.00 Buy
Broker Recommendations for Aviva

Well looks like the above was the obvious trade gaps nearly closed. What isn't obvious, what happens next? Tending towards lower. Watching

LATEST BROKER VIEWS

Date Broker New target Recomm.
24 Mar Exane BNP... 440.00 Underperform
24 Mar Berenberg 440.00 Sell

LATEST BROKER VIEWS

Date Broker New target Recomm.
24 Mar Exane BNP... 440.00 Underperform
24 Mar Berenberg 440.00 Sell

Disappointment coming for Aviva investors
Insurer Aviva (AV) is an expensive stock and analysts can see ‘disappointments looming’.

Berenberg analyst Trevor Moss retained his ‘sell’ recommendation and target price of 440p on the shares, which fell 3.3% to 457.1p yesterday.

‘Aviva’s reported figures have been heavily flattered in recent years,’ he said. ‘While it is true that restructuring can bring one-off benefits, by definition these eventually run out and should not be included in price/earnings or sustainable return on equity calculation. In our estimations, underlying earnings for Aviva have actually been going backwards. We cannot foresee any significant improvements.’

Moss added that Aviva’s ‘very mature book means it is running fast to stand still’ and he ‘does not buy into the capital return story’.

He said the stock is expensive and also ‘expensive against peers, both UK life companies and European composites’.

‘Even on consensus earnings numbers, the European composites look better value. We continue to see disappointments looming and believe that the downgrade cycle for this stock has only just begun.’

Photo 2 of 6Previous

Ex-Divi next Thursday 07/04.

Can anybody clarify which sector AV. is in Life Assurance or Non Life Assurance, not that it matters much today both sectors struggling. Many moons ago spent hours placing stocks in their sectors and placed AV. in Non-Life Assurance was I right? No longer subscribe to MAM (cheap scate) so can't check stock screener. Be obliged thanks.

About us

Thanks skinny. Doh!!! why didn't i think of that LOL!!!

:0) Thick scouser syndrome.

JP Morgan Cazenove today reaffirms its overweight investment rating on Aviva PLC (LON:AV.) and raised its price target to 596p (from 584p).

Jefferies International today reaffirms its buy investment rating on Aviva PLC (LON:AV.) and cut its price target to 523p (from 568p).

Broker Forecast - Canaccord Genuity issues a broker note on Aviva PLC

BFN

Canaccord Genuity today reaffirms its buy investment rating on Aviva PLC (LON:AV.) and cut its price target to 550p (from 600p).

--=-=-=

Large institutional buy, Check RNS.




-=-==

Have a look at fundamental projections, but charts don't look that enticing to me.

Yield is nice.

I hold.

Fred - it looks like Oncimmune only floated 2 days ago - so an entry level for AV.

Skinny,

Thanks.


Still holding with overall profit.

W/S

Chart of the week: Watch this breakout

May it be soon and long.

Fitch Ratings has affirmed Aviva's long-term issuer default rating at 'A+' and the core insurance subsidiaries' insurer financial strength ratings at 'AA-'. The outlooks are stable.

Fitch says the ratings reflect Aviva's strong position in the group's key markets, diversification by business line, robust capital position and operational scale. Aviva's ratings also benefit from the group's geographical diversification across the UK, Europe, Canada and Asia.

Fitch says Aviva has strong life insurance market positions in the UK, France, Italy and Spain, and exposure to insurance growth markets in Poland, Turkey and Asia. The group has leading non-life market positions in the UK (1st), Canada (2nd) and France (10th). Aviva's market position in Canada will be strengthened by the group's acquisition of RBC General Insurance Company, which was announced in January.

Deutsche Bank today reaffirms its buy investment rating on Aviva PLC (LON:AV.) and cut its price target to 470p (from 610p).

Bring it on.

Standard Life, Aviva and M & G have announced the suspension of trading in their UK Property Funds. This follows a surge in demand of investors wishing to sell their units following the EU referendum result last week. Property funds are often fairly illiquid, as the assets are tied up in properties with dividends and fees being paid out of rental income. Any unexpected increase in sales requests can trigger such actions and there have been similar situations in the past with property funds.

Full details of the announcements can be found at: -

http://lib.standardlife.com/library/uk/UKRealEstateFundssuspension.pdf

https://uk.avivainvestors.com/content/dam/aviva/aviva-investors/united-kingdom/documents/aipt-suspension-QA.pdf

http://www.mandg.co.uk/investor/funds/prices/property-fund-prices/

StockMarketWire.com
Aviva's frist half operating profits rose by 13% to £1,325 million and the dividend is up 10% at 7.42p per share.

The IFRS profit after tax was £201 million (HY15: £545 million) and Aviva reports a Solvency II capital surplus of £9.5 billion (FY15: £9.7 billion). The Solvency II coverage ratio was 174% (FY15: 180%).

General insurance net written premiums were up 7%6 at £3,991 million (HY15: £3,678 million). Life insurance value of new business was up 7%6 at £583 million (HY15: £534 million). Fund management operating profit rose 48% to £49 million (HY15: £33 million) and UK Life platform AUM rose by 23% to £10.3 billion (FY15: £8.4 billion).

Group chief executive Mark Wilson said: "We are delivering consistent, stable and predictable growth despite challenging market conditions.

"Our UK businesses delivered encouraging results. We are growing in the UK, we are investing in the UK. We like the UK. And we are also benefitting from Aviva's diversity, with 42% of our earnings1 coming from outside of the UK.

"The 10% increase in the dividend, up 32% since 2013, is another step towards our target pay-out ratio of 50% and underpins our confidence in delivering sustainable and growing returns.

"We are continuing to maintain a strong balance sheet, with a solvency ratio of 174%2,3, toward the upper end of our working range.

"Aviva's strong financial position and diversity mean we are well insulated from external events. We have deliberately designed Aviva to be resilient to a low interest rate environment.

"We remain confident in our ability to deliver on our key commitments to grow earnings, cash and dividends."

Panmure Gordon Buy 405.40 525.00 525.00 Retains

03 Feb JP Morgan Cazenove Overweight 492.00 553.00 553.00 Reiterates

02 Feb HSBC Hold 492.00 500.00 500.00 Reiterates

Final Results - PART 1 OF 4

Profit
· Operating profit2,3 up 12% to £3,010 million (2015: £2,688 million4)
· Operating EPS2,3 up 3% to 51.1p (2015: 49.7p4)
· Operating profit and operating EPS exclude the impact of the change in the Ogden discount rate in UK general insurance, which has been classified as an exceptional item
· IFRS profit after tax down 22% to £859 million (2015: £1,097 million4) including the £380 million after-tax charge due to the reduction in the Ogden discount rate

1B1BCapital
· Solvency II capital surplus5 £11.3 billion (2015: £9.7 billion)
· Solvency II coverage ratio5,6 of 189% (2015: 180%)
· Solvency II operating capital generation £3.5 billion
· Net asset value up 6% to 414p per share (2015: 390p4)
· Holding company liquidity7 £1.8 billion (2015: £1.3 billion)

2B2B15BCash
· 2016 total dividend up 12% to 23.3p (2015: 20.8p)
· Dividend pay-out ratio 46% (2015: 42%4), progress towards 50% target
· Cash remittances up 20% to £1,805 million (2015: £1,507 million)

3B3B16BGrowth
· General insurance net written premiums3 up 15% to £8,211 million (2015: £7,171 million)
· Life insurance value of new business up 13% to £1,352 million (2015: £1,192 million)
· Fund management operating profit up 30% to £138 million (2015: £106 million)
· AIMS AUM trebled to £9 billion (2015: £3 billion)
· Total group assets under management up to £450 billion

4B4B17BCombined ratio
· General insurance combined operating ratio 95.2% (2015: 94.6%) excluding the Ogden discount rate impact. Including the Ogden impact, the combined operating ratio was 101.1%.

Nice results.

"Reflecting these results, we are increasing the total dividend per share by 12% to 23.3p."

At the moment, the market like the results.

Panmure Gordon Buy 545.75 525.00 592.00 Retains

Results tomorrow.

INTERIM RESULTS

Profit

· Operating profit up 11% to £1,465 million (HY16: £1,325 million)
· Operating EPS up 15% to 25.8p (HY16: 22.4p)
· IFRS profit after tax £716 million (HY16: £201 million)
Capital

· Solvency II coverage ratio of 193%1 (FY16: 189%)
· Capital surplus £11.4 billion1 (FY16: £11.3 billion)
· Operating capital generation £1.1 billion (HY16: £1.2 billion)
· IFRS net asset value per share 412p (FY16: 414p)
Cash

· Interim dividend up 13% to 8.4p (HY16: 7.42p)
· Cash remittances up 56% to £1,170 million (HY16: £752 million)
· UK Life special remittance of £315 million, on track towards £1 billion target by end 2018 with £565 million total special to date
· Holding company liquidity £1.7 billion2 (February 2017: £1.8 billion)
Growth

· General insurance net written premiums up 11%3 to £4,688 million (HY16: £3,991 million)
· Value of new business up 27%3 to £596 million (HY16: £448 million)
· Aviva Investors fund management operating profit up 45% to £71 million (HY16: £49 million)
· UK Life platform funds up 27% to £16.5 billion (FY16: £13.0 billion)
· Total group assets under management £475 billion (FY16: £450 billion)
Combined ratio
· General insurance combined operating ratio 94.5%4 (HY16: 95.7%)

JP Morgan Cazenove Overweight 535.00 616.00 624.00 Reiterates

AVIVA TO MAKE STRATEGIC INVESTMENT IN WEALTHIFY

Aviva has agreed to sell its entire 49% shareholding in its joint venture in Taiwan, First Aviva Life, to its joint venture partner First Financial Holding Company, it announced on Friday. The FTSE 100 insurance company said that, following a strategic review of Aviva Taiwan, it concluded that the business was not central to the group's strategy to focus on markets where it can achieve scale and profitability or have a distinct competitive advantage. It said the transaction had a "negligible impact" on Aviva's IFRS net assets, Solvency II capital position and IFRS operating profit.

AVIVA TO ACQUIRE IRISH INSURER FRIENDS FIRST


Aviva plc ("Aviva") today announces that it has reached an agreement to acquire Irish insurer Friends First Life Assurance Company dac ("Friends First") for a cash consideration of €130m (£116m[1]). As a result of this acquisition, Aviva will become one of the largest composite insurers in Ireland, with its market share in life insurance increasing to 15%, alongside its existing leading 15% market share in general insurance.

This transaction is in line with Aviva's strategy to allocate capital in selected markets where it has scale or competitive advantage and where it can further expand its range of products across life and general insurance.

The consideration represents a multiple of 0.8x Friends First's adjusted net asset value[2]. Aviva expects the transaction to meet the group's operating return on capital hurdle from year one and to significantly exceed the hurdle thereafter.

The Irish economy has experienced a robust recovery in recent years and the prospects for continued growth remain strong[3]. The life insurance market in Ireland has grown by c.9% since 2014[4]. Aviva Ireland has demonstrated consistent growth over the past few years, with an operating profit growth at HY 2017 of 12%.

Friends First, currently owned by Dutch insurer Achmea Holding NV, has been operating in Ireland for over 180 years with a focus on life protection, pension and investment products for individuals and companies. It has over 250,000 customers, a market share of 6% and is a market leader in group risk and income protection.

The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2018.


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AVIVA UPGRADES GROWTH, CASH AND DIVIDEND TARGETS

Aviva plc ("Aviva") is announcing today upgrades to its targets for earnings growth, cash and dividend at a conference for investors and analysts.

Over the last four years Aviva's financial and strategic position has been transformed. The capital surplus has tripled; the group has been streamlined and Aviva is now focused on markets where it has high quality franchises and is gaining market share.

As a result Aviva is upgrading the financial objectives it set out previously. Specifically:

Growth: targeting higher than mid-single digit percentage growth annually in IFRS operating earnings per share from 2019;

Cash: remittance target increased from £7 billion to £8 billion[1], allowing Aviva to deploy £3 billion of excess cash over 2018 and 2019. This is expected to be used to repay £900 million of debt in 2018 and fund bolt-on acquisitions and additional returns to investors;

Dividend: pay-out ratio target increased to 55-60% of operating EPS by 2020, underpinned by improved earnings quality and cash flows from Aviva's businesses which are becoming less capital-intensive.

The investor and analyst event will start at 8am UK time, with presentations covering strategy, growth, capital management and Aviva's international businesses. The conference, which is being held at Aviva's office in Warsaw, Poland, will include break-out sessions focused on Aviva's businesses in France, Canada and Poland, as well as progress made with Aviva's digital strategy.

To watch a webcast of the event, please paste the following URL into the address bar of your browser: http://avivawebcast.com/cmd2017/

Mark Wilson, Group Chief Executive Officer, said:
"We are upgrading our cash flow and growth targets. After a few years of restructuring, our businesses are now high quality and we expect good, sustainable growth from each of them. We have improved the consistency and quality of our profits and so we are raising our expectations for earnings growth to more than 5% annually from 2019 onwards.
"We have significant surplus capital and cash and this means we will have £3 billion of excess cash to deploy in 2018 and 2019, £2 billion of which we plan to deploy next year. In 2018 we expect to use our excess cash to pay down £900 million of expensive debt, return capital to investors and invest in growing our business, both organically and through acquisitions.

"The quality of our earnings has improved by 15 to 20% and with lower debt costs and stronger than expected cash flows, it is appropriate to raise our target dividend pay-out ratio to 55-60% by 2020."



*This Announcement Contains Inside Information.

[1] Cash remittance target between 2016 and 2018

AVIVA'S DIGITAL JV IN HONG KONG RECEIVES APPROVAL

Aviva plc ("Aviva"), Hillhouse Capital Group ("Hillhouse") and Tencent Holdings Limited ("Tencent") have completed the transaction to develop a digital insurance joint venture in Hong Kong.

The joint venture has been approved by the Hong Kong Insurance Authority and is expected to start operating under its new corporate structure during the first half of 2018.

Aviva, Hillhouse and Tencent announced in 2017 their agreement to develop an insurance joint venture in Hong Kong, by which Hillhouse and Tencent have acquired a combined 60% shareholding in Aviva Life Insurance Company Limited ("Aviva Hong Kong").

I bought some a couple of days ago at 490.6 and if the FTSE collapses again I think I'll buy some more.

Decent dividend and I assume a share buy-back on the way

Agreed CC - link copied MIDAS SHARE TIPS: Three havens to shield you from stock market turmoil - gold, oil and a top insurer

Final Results - Part 1 of 4

Profit

· Operating EPS1,2 up 7% to 54.8 pence (2016: 51.1 pence)

· Operating profit3 up 2% to £3,068 million (2016: £3,010 million)

· Operating profit from eight major markets excluding divestments up 6% to £3,508 million (2016: £3,300 million)

· IFRS profit after tax £1,646 million (2016: £859 million)

Dividend

· 2017 total dividend per share up 18% to 27.4 pence (2016: 23.3 pence)

· Dividend payout ratio 50%, 2017 target delivered

Capital

· Solvency II capital surplus £12.2 billion (2016: £11.3 billion)

· Solvency II cover ratio1,4 198% (2016: 189%)

· Operating capital generation1 £2.6 billion (2016: £3.5 billion)

· IFRS net asset value per share1 423 pence per share (2016: 414 pence)

Cash

· Cash remittances1 up 33% to £2,398 million (2016: £1,805 million)

· Group centre liquidity £2.0 billion (2016: £1.8 billion)

Growth

· General insurance net written premiums up 11% to £9,141 million (2016: £8,211 million)

· Value of new business1 up 25% to £1,243 million (2016: £992 million)

· Aviva Investors fund management revenue up 14% to £577 million (2016: £506 million)

· Total group assets under management1 (AUM) up 9% to £490 billion (2016: £450 billion)

Combined ratio

· General insurance combined operating ratio1 96.6% (2016: 94.2%5)

1 This is an Alternative Performance Measure (APM) which provides useful information to enhance the understanding of financial performance. Further details of this measure are included in the 'Other information' section of the Analyst Pack.

2 This measure is derived from the Group adjusted operating profit APM. Further details of this measure are included in the 'Other information' section of the Analyst Pack.

3 Group adjusted operating profit is a non-GAAP Alternative Performance Measure (APM) which is not bound by the requirements of IFRS.

4 The estimated Solvency II position represents the shareholder view. This excludes the contribution to Group Solvency Capital Requirement (SCR) and Group Own Funds of fully ring fenced with-profits funds of £3.3 billion (2016: £2.9 billion) and staff pension schemes in surplus of £1.5 billion (2016: £1.1 billion). These exclusions have no impact on Solvency II surplus. The estimated Solvency II position includes the pro forma impacts of the disposals of Friends Provident International Limited (£0.1 billion increase to surplus) and the Italian Avipop Assicurazioni S.p.A (£0.1 billion increase to surplus). The 31 December 2016 Solvency II position included pro forma adjustments for the impact of the announced disposal of Antarius and the future impact of changes to UK tax rules announced by the Chancellor of the Exchequer's Autumn statement, which was removed following clarification in the 13 July 2017 Finance Bill. The 31 December 2016 Solvency II position also includes an adverse impact of a notional reset of the transitional provisions (TMTP) to reflect interest rates at 31 December 2016 £0.4 billion decrease to surplus.

5 2016 excludes the impact of the change in the Ogden discount rate of £475 million, which was recognised as an exceptional adjusting item. 2016 also excludes the impact from an outward quota share reinsurance agreement written in 2015 and completed in 2016 in Aviva Insurance Limited (AIL).


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Earlier today I was happy to sell mine at 530. Having looked at the speed it is rising today I'm interested to see what will happen when it gets to 530/540.

I'm now inclined to wait see if it will go through. Not sure. Might change my mind

It has a nice dividend and hopefully a TP of 630+p.

Think it is a hold for a while.

It has a nice dividend and hopefully a TP of 630+p.

Think it is a hold for a while.

Topped up a few days ago and the div will be very nice.
Along with DLG.

Link copied :- Aviva’s board must explain themselves

Not a subscriber any chance of a brief synopsis skinny.

It's free to sign up to a limited number of articles per week- let me know when you've read it and I'll delete it.

"Sir, Individual shareholders are deeply upset and appalled at the reckless and cavalier announcements by Aviva about the possible repayment of irredeemable preference shares (200m issued by Aviva and 250m by General Accident). Not only did the Aviva preference share price drop from 170p to 120p, but the whole asset class suffered a 25 per cent fall as a consequence of the announcement.

To suggest that it is acceptable to use an obscure loophole to repay irredeemable high-coupon securities at or near their par value is highly immoral, and to make such an announcement in the full knowledge of the likely market impact is completely irresponsible.

The news that the Financial Conduct Authority is investigating is welcome. But the issue is wider. The board of Aviva need to explain themselves. A parliamentary select committee should investigate. This type of behaviour should not be allowed to sully the high esteem in which most of our UK institutions are held.

It is the clearly established principles that are the foundations of the wonderful reputation of the London Stock Exchange. They make it pre-eminent in the world. Investors and shareholders need to feel that they can sleep at night safe in the knowledge that their rights will not be stolen for the convenience of others. Both institutional and individual investors need to shun institutions that are prepared to behave in such a disingenuous manner."

Thanks skinny.

I got to the bit about the wonderful reputation of the LSE and fell off my chair laughing. Just as well I'm insured with BUPA and not Aviva.

STATEMENT ON PREFERENCE SHARES

Statement on Aviva plc and General Accident plc preference shares

Since the full year results announcement on 8 March 2018, Aviva plc ("Aviva") has heard a wide range of views on its preference shares*, has spoken to a large number of investors and has received strong feedback and criticism.



As a result Aviva has listened. Aviva announces that it has decided to take no action to cancel its preference shares.

Under current regulation the preference shares will no longer count as regulatory capital in 2026. Aviva will work towards obtaining regulatory approval for the preference shares, or a suitable substitute, to qualify as capital from 2026 onwards. If as we approach 2026 Aviva needs to reconsider this position, it will do so after taking into account the fair market value of the preference shares at that time.

On 8 March 2018 Aviva stated it has the ability to cancel the preference shares at par value, having received clear legal advice. The review of the preference shares was initiated as a result of Aviva's duty to examine what is right for the business, balancing the interests of ordinary shareholders and preference shareholders. Aviva needed to address the issue of the preference shares given regulatory capital considerations and their cost.

Aviva is in a strong financial position and still plans to deploy £3 billion of excess cash in 2018 and 2019 to reduce hybrid debt, fund bolt-on acquisitions and buy back ordinary shares.

Mark Wilson, Group Chief Executive Officer of Aviva plc, said:

"I am very aware that Aviva is in a position of trust with our customers and investors. To maintain that trust it is critical that we listen to and act on feedback. The reputation of Aviva, and the trust people have in us, is paramount. Our announcement today means that preference shareholders can rest secure in their holdings.

The Board and I have a duty to consider not just the financial implications of our actions. We must consider the impact to Aviva's wider reputation. I hope our decision today goes some way to restoring that trust."

*Preference shares issued by Aviva plc and General Accident plc

-ends-

I for one shall be voting against any of this board's re-election

The market disruption this ill thought out 'airing' caused is totally immoral on those who have taken a huge loss as a result

And I am talking as an Av. shareholder (and non-holder of pref stock until they jumped in with both feet)

I'm both - AV. and GACA and I won't be renewing my car or travel insurance with them
and will tell them in no uncertain terms why.

Rec'd a response ex the Board - basically just refers to the RNS

Will still be voting against their re-election - Leopards do not change their spots, do they?

Ex-Divi tomorrow 19p

Well considering how much FTSE rose yesterday I can't say I'm that excited about AV.

We are now at an equivalent price of 508 which isn't really doing it for me.

Can't get my head round their handing of the pref. shares thing. Where on earth did they get the idea the pref holders would just accept it especially since many of them would hold ordinaries as well

If I can get the equivalent of about 520 in old money I'm out.

Ok , what to do with this. I'm in a quandary - any views appreciated.

I'm long from 494p inc. stamp duty and costs and with the dividend we are at the equivalent of 535p.

I was going to sell already after the pref issue debacle but for whatever reason AV. seems strong although FTSE is going in the right direction too.

From a fundamental point of view I think the share price is beaten up and I'm happy to hold but it's been beaten up for so long I'm not sure why that should change right now, other than I have a whole raft of beaten up stocks in my portfolio and on my watchlist and they do seem to be starting to feel like there's more buying interest. Support seems to kick in faster.

From a chart point of view I like the way the 200MA is going to continue down while the share price is currently above it. At some point provided the share price doesn't return to sub 500 the MA's are going to cross. This would entice me to stay in at least for a while to see what happens.

At the moment there is nothing particularly I'd rather invest in. Nothing is enticing me enough to cover the costs of selling this and buying something else.

Any thoughts?

I have held shares in AV. about 5years with a return of over 55% (a few buys and sells in that period).

My forecast return at the moment seems to be 12% per annum.

It has a promised yield of about 6% TP about 570 with promised increase earnings.

My bet is that it has a little further increase in price.

I will consider dumping at 550.

I've had Aviva since 2010 @294 - sold in the £4s and bought back in the £3s several times over the years and just take the dividend.

I've also closed by limit today, S/Bs in both Av and LGEN - the latter I also hold from 99p.

Lucky B.

On the 10th.

Broker Forecast - Citigroup issues a broker note on Aviva PLC
BFN
Citigroup today reaffirms its buy investment rating on Aviva PLC (LON:AV.) and set its price target at 603p.

Story provided by StockMarketWire.com

So, to get to the crux of my problem, I'm struggling to decide whether to hold AV. for 3 years and then reappraise or trade it in and out.

Over the last 4 years I've traded in and out twice, in at something beginning with a 4 and out at something beginning with a 5. That's worked out fine as it happens.

This time I'm in at something beginning with a 4 again but the economic backdrop feels different to me. This time I'm far more inclined to hold as I see the UK and global economy going through a very good patch for the next years.

I'm in a muddle, rabbit in the headlights, no plan, or the plan I like which is holding I'm struggling to square in my own mind.

Meantime it's up another 1% against a backdrop of an indifferent FTSE.

I think by writing this I've convinced myself to do nothing. Perhaps.

At the moment, the weather is good.

Have another walk around the garden.

You may feel more relaxed.

Wish I'd sat on hands ...... sold at 513p doh.

Announcement of Goodwill Payment

Could be more than the quoted figure - what happens when other entity pref holders campaign/take action against this immoral lot

They took the whole market down - not just their 'own'

Aviva to commence £600 million share buy-back

Still in this trade and still don't know what to do with it.

Sector is moving up as well as AV.

They say run your winners. so that's what I'm trying to do.

The chart says resistance around here but I have that feeling in my waters we may break up

After some thought I have decided to let this trade run for a while. Maybe a few months, maybe years.

Reasons for staying long:
I believe the world and UK economy to be going in the right direction and that AV. will produce outcomes better than the average increase in UK or world GDP, thus the dividend will rise by more than inflation.

Around 1% of my portfolio is in this sector which is too low already.

I believe there is a slow gradual change in outlook towards this sector which has been under-rated for some time.

Share buyback which runs to Christmas is a significant proportion of daily share volume.

Reasons for selling
FTSE has risen 900 pts in a few weeks as is overbought. True but most of the rise due to commodities and weakening pound.


finally there's nothing else I'm itching to buy.

Not sure what to do Skinny. I have very little cash available to invest right now and the pot I do have I usually use for trading spikes or distressed sellers.

I could buy AV. or ESUR or frankly a whole raft of stuff.

488 is a good price I think. I'm happy to pay 488 but will it go lower. Stupidly low?

Hi CC - I left an order in on Wednesday @486.5p which wasn't filled.

I'll have another look on Monday.

I've got both ESUR and DLG on S/B after the recent fall and I hold AV. & LGEN long term.

Hmmmm.

Interim Results

Aviva has grown operating earnings per share by 4% and increased the dividend by 10%.

The 10% increase in the interim dividend is our fourth consecutive half-year of double digit dividend growth and further proof of Aviva's progress.

During these choppy market conditions, it is reassuring that Aviva's results are consistent, dependable and growing.

Aviva remains financially strong with a capital surplus of £11 billion. In the first half of 2018, we started a £600 million share buy-back and paid off €500 million of expensive debt.

We remain on track to achieve our financial targets.

Profit

· Operating EPS up 4% to 26.8 pence (HY17: 25.8 pence)

· Operating profit‡,#,1 down 2% to £1,438 million (HY17: £1,465 million). Excluding disposals, operating profit rose 4% to £1,421 million (HY17: £1,365 million)

· IFRS profit after tax £376 million (HY17: £716 million)

Dividend

· Interim dividend per share up 10% to 9.25 pence (HY17: 8.40 pence)

Capital

· Solvency II capital surplus2 £11.0 billion (2017: £12.2 billion), including £1.8 billion of distributions to investors.

· Solvency II cover ratio‡,2 187% (2017: 198%)

· Operating capital generation# £0.9 billion (HY17: £1.1 billion)

· IFRS net asset value per share 411 pence (2017: 423 pence)

Cash

· Cash remittances‡,# £1,493 million (HY17: £1,170 million)

· UK Insurance special remittance £500 million. Cumulative special remittances from UK Insurance since 2016 totalled £1.25 billion, ahead of £1 billion target.

· Holding company liquidity £1.43 billion (February 2018: £2.0 billion)


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Broker Forecast - Barclays Capital issues a broker note on Aviva PLC
BFN
Barclays Capital today reaffirms its overweight investment rating on Aviva PLC (LON:AV.) and raised its price target to 610p (from 581p).

Story provided by StockMarketWire.com

Broker Forecasts data provided by www.sharesmagazine.co.uk

Double bottom on the chart.

Mark Wilson steps down as Chief Executive Officer of Aviva plc

Shore Capital Under Review 474.40 - - Under Review

Someone convince me not to buy here @454.50p

Did you buy? It's cheaper now.

Buy when the fear is at it's maximum (which doesn't seem to be yet)

Bought at 441.5 a few minutes ago for wife's SIPP.

Feel like I'm catching a falling knife but can't resist

I'm still dithering!

It’s just an observation chaps but in the current climate I would joint me on the fence for a while until the markets culm down...if you get my drift 🙂

Well. Just bought some more at 437.5. That's me done. Sit back and collect the dividends for the next 10 years.

It's not very pretty right now. The speed of the fall seems to be accelerating

I'm waiting until near the end of the month--------maybe

I've taken a S/B @440.76.

Other

Mark Wilson will be entitled to a capped contribution of up to £10,000 (excluding VAT) towards legal fees incurred in connection with his departure.

Little foot note.

Anyone else get 10 bags of sand when they left anywhere?

Indicators on the floor!

16 Oct 2018 UBS Buy 430.20 575.00 535.00

May be a hefty bounce when new CEO appointed (up to 4 months)? Market doesn't seem to like or understand why the whizz kid Mark Wilson decided to go.
As others have said above, the possible market downturn has come at a bad time for Aviva.

Yes - 8 days ago (post 381) it was at a double bottom - now 30 odd points lower.

Property sector looks like it has turned today. I'm hoping Aviva and banks will follow shortly.

Heading for 420p?

Cc's property sector still going the same way.

I don't trust the markets right now but at least it is going up today

I checked this share in my portfolio for 5years and have a 10% return on it.

I wish I could say the same about some of my other holds.

But will hold what I have in hope as "promised" yield still seems good. (For me.)

Hmmmm - where's that fish!

Answers on a postcard !

Ugly 20 year chart.

2019 Provisional Financial Calendar

Aviva now begins with a 3. I didn't see that coming.

Share price still struggling.

Oh well. Another to add to the pile.