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Aviva Gives Trading Update for Third Quarter

Analyst Note

| Henry Heathfield, CFA |

In Aviva’s trading update for the third quarter, the business continues to focus on costs, capital, and return of cash. Of the GBP 750 million buyback announced at the first half of 2021, GBP 450 million has been completed. Management says it is on track to deliver on its GBP 300 million 2022 cost-saving target relative to the 2018 baseline. Growth of the GBP 1.4 billion in cash remittances is also on track.

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Company Profile

Business Description

Aviva is a multiline insurer headquartered in the United Kingdom. It traces its roots back to the late 1700s with the establishment of the Hand-in-Hand Fire Office, a mutual insurer of loss from fire. This mutual, along with many other entities acquired and established over the years, was purchased by Commercial Union in 1905. In the late 1990s, Commercial Union and General Accident merged to form Commercial General Union, or CGU. A few years later CGU and Norwich Union merged and later rebranded as Aviva. Aviva acquired Friends Life in 2015. Aviva has been through quick successions of leadership in recent years. Mark Wilson served as CEO in the five years between 2013 and 2018. Maurice Tulloch took over up to July 2020. Amanda Blanc has led since then.

Contact
St Helen's, 1 Undershaft
London, EC3P 3DQ, United Kingdom
T +44 2072832000
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 29,834