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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Aviva    AV.   GB0002162385

AVIVA (AV.)
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Aviva : eyes Poland, Turkey investments, plans buyback

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03/08/2018 | 10:27am CEST
FILE PHOTO: Pedestrians walk past an Aviva logo outside the company's head office in the city of London

LONDON (Reuters) - British insurer Aviva is considering acquisitions in Poland and Turkey, its chief executive said on Thursday, as it reported a 2 percent rise in operating profit and said it planned to return 500 million pounds to shareholders.

European insurers such as Allianz and Munich Re have been offering share buybacks as they struggle to find other ways to deploy capital.

Aviva, which provides general and life insurance and operates in countries including Britain, Canada and France, said it also planned to spend around 600 million pounds on "bolt-on" acquisitions and 900 million pounds on debt reduction.

Chief Executive Mark Wilson told a media call the firm was looking for purchases in "Poland, Turkey, anywhere we have existing markets".

"We have this pile of cash...it's not burning a hole in our pocket, if we don't spend it we will give it back."

The 600 million pound acquisition target includes Aviva's 130 million euro (116 million pounds) purchase of Irish insurer Friends First late last year, it said in a trading statement.

Aviva's 2017 operating profit was 3.1 billion pounds, slightly above a forecast 3 billion and helped by strong performance in its UK division.

Profits in Canada shrank, however, hurt by a rise in bodily injury claims and large commercial insurance and weather-related losses.

KBW analysts described the results as a "mixed bag".

Aviva's shares were down 1.7 percent to 498 pence at 0900 GMT, lagging a flat FTSE 100 index.

It said it would pay a total dividend of 27.4 pence, up 18 percent and above a forecast 26.4 pence.

(Reporting by Carolyn Cohn; editing by Simon Jessop and Jason Neely)

By Carolyn Cohn

Stocks mentioned in the article
ChangeLast1st jan.
AVIVA 2.08% 491.4 Delayed Quote.-2.98%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
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Financials (GBP)
Sales 2018 33 413 M
EBIT 2018 3 013 M
Net income 2018 1 656 M
Debt 2018 -
Yield 2018 6,12%
P/E ratio 2018 11,11
P/E ratio 2019 9,09
Capi. / Sales 2018 0,57x
Capi. / Sales 2019 0,56x
Capitalization 19 193 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 5,72  GBP
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Mark Andrew Wilson Group CEO & Non-Executive Director
Adrian Alastair Montague Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operations & Transformation Officer
Thomas Dawson Stoddard Chief Financial Officer & Executive Director
Michael John Hawker Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
AVIVA-2.98%25 079
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PRUDENTIAL-4.78%61 454
METLIFE-3.50%48 538
PRUDENTIAL FINANCIAL-8.96%43 652
AFLAC9.11%36 885