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Aviva cuts dividend in effort to pay down debt as pandemic impact continues
StockMarketWire.com
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Aviva cut its dividend by almost a third as the insurance company persisted with efforts to pay down debt and bolser its balance sheet.
The company declared a 7.0 pence per share interim dividend and a final dividend of 14.0 pence per share, taking the total dividend for the year to 21 pence per share for the year, down from 30 pence a share a year earlier.
The company said it would return excess capital above 180% solvency cover ratio, once its debt leverage target of less than 30% had been reached.
The update on its divided policy comes as the company said its solvency II cover ratio rose to 195% in the third quarter from 194% seen at the year. General insurance net written premiums rose to £7.1 billion from £7.0 billion.
UK & Ireland life new business sales climbed 40%, savings and retirement net fund flows increased 20%, and Aviva Investors reported third party net fund inflows of £1.2bn.
Looking ahead, Aviva said performance would be impacted from recent lockdowns and the outlook remained uncertain, though it did not expect there to be a significant increase in net business interruption claims.
At 8:09am: (LON:AV.) Aviva PLC share price was 0p at 309.1p
Story provided by StockMarketWire.com
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