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

AVIVA PLC

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Aviva : sells French business to Macif's Aéma Groupe for $3.9 bln

02/23/2021 | 03:03am EST
FILE PHOTO: A logo sits on the window of the Aviva head office in the city of London

LONDON, Feb 23 (Reuters) - Aviva has agreed the sale of its operations in France for 3.2 billion euros ($3.89 billion) to Macif's Aéma Groupe, as part of the British insurer's shift to focus on its core operations in Britain, Ireland and Canada.

London-based Aviva, led by boss Amanda Blanc, said the sale would increase excess capital by 2.1 billion pounds ($2.95 billion) and cash of around 2.8 billion pounds.

Aéma Groupe, formed in January through the merger of French mutual insurer Macif Group and Aésio Mutuelle, has 8 million customers and a turnover of 8 billion euros.

Aviva France has 3 million customers and 7.8 billion euros in revenue. It covers life insurance, property and casualty and asset management markets in France.

Aviva's share price rose by 1.7% at the open in London.

"The transaction will increase Aviva's financial strength, remove significant volatility and bring real focus to the Group," Chief Executive Officer Blanc said.

Aviva expects to use the proceeds of the sale to support debt reduction, invest for long-term growth and return excess capital to shareholders.

The sale is central to Blanc's turnaround plan aimed at streamlining its business after prolonged share price weakness has concerned investors.

The insurer, which aims to complete the disposal by the end of 2021, is looking to sell its continental European and Asian businesses, it said last year.

Final bids for its Polish operations that could fetch around 2 billion euros are due on Friday, sources have previously told Reuters.

It is also in the process of selling its Italian business, sources had said.

($1 = 0.8218 euros) ($1 = 0.7108 pounds) (Reporting by Clara Denina Editing by Rachel Armstrong, Louise Heavens and David Evans)


© Reuters 2021
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Financials
Sales 2020 46 210 M 64 130 M 64 130 M
Net income 2020 1 778 M 2 467 M 2 467 M
Net Debt 2020 5 016 M 6 961 M 6 961 M
P/E ratio 2020 7,78x
Yield 2020 5,97%
Capitalization 14 475 M 20 190 M 20 088 M
EV / Sales 2020 0,42x
EV / Sales 2021 0,41x
Nbr of Employees 31 181
Free-Float 97,1%
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Technical analysis trends AVIVA PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 400,29 GBX
Last Close Price 368,60 GBX
Spread / Highest target 35,6%
Spread / Average Target 8,60%
Spread / Lowest Target -41,3%
EPS Revisions
Managers and Directors
NameTitle
Amanda Blanc Chief Executive Officer & Director
Jason Michael Windsor CFO, Executive Director & Chief Investment Officer
Mark George Culmer Non-Executive Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Michael Mire Independent Non-Executive Director
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