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

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.

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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


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