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Aviva Plc earmarks £300 million for share buyback

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Aviva Plc to buy back shares worth £300 million

Aviva Plc, a British insurance and asset management company, announced its intention to repurchase shares worth £300 million following a successful year of growth. The company reported a 9% increase in operating profit to £1.467 billion ($1.9 billion) in 2023 and declared a final dividend of 22.3 pence per share, bringing the total dividends for the year to 33.4 pence, an 8% rise from the previous year.

Aviva’s Chief Executive Officer, Amanda Blanc, expressed satisfaction with the company’s performance, stating, “We have made significant progress in 2023. Sales are up, costs are down, and operating profit is 9% higher.” Over the past three years, Aviva has returned over £9 billion to shareholders through buybacks and dividends while also focusing on strategic investments.

One notable recent acquisition by Aviva is the insurance platform Probitas, which was acquired for £242 million. This move marked Aviva’s return to the Lloyd’s of London market for the first time in more than two decades. Additionally, Aviva’s wealth business saw a net influx of £8.3 billion from clients, resulting in a 15% increase in assets under management in that unit to £170 billion.

Overall, Aviva’s decision to repurchase shares and its strategic investments reflect its strong financial position and commitment to delivering value to its shareholders. The company’s success in 2023 and continued growth trajectory position it well for the future.

The news of Aviva’s share buyback and financial performance was reported by Bloomberg and underscores the company’s positive outlook and proactive approach to driving shareholder value.

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