By Ian Walker

Aviva PLC said Wednesday that Cevian Capital II G.P. Ltd. now owns 197.1 million of its shares, or 5.017% of its issued share capital.

The FTSE 100-listed insurer made the disclosure in a regulatory filing. The shares are worth 826.8 million pounds ($1.14 billion) based on the company's closing price of 419.40 pence Tuesday.

On June 8, Swedish activist investor Cevian Capital disclosed that it owned 4.95% of Aviva's issued share capital, and said that the company should be able to return around GBP5 billion of excess capital to shareholders next year.

Cevian Capital, which describes itself as a "long-term, hands-on owner of European listed companies," said at the time that it saw the potential for Aviva to save at least GBP500 million in costs by 2023.

Aviva said earlier this month that it planned to buy back up to 300 million shares for up to GBP750 million and return at least GBP4 billion to investors by the end of the first half of 2022.

Shares at 1226 GMT were up 1.30 pence, or 0.3%, at 420.70 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

08-25-21 0848ET