Aviva plc has announced it will increase and extend its ordinary share buyback programme from £750m to a maximum aggregate consideration of £1bn.
Additionally, the total maximum number of shares to be acquired under the programme has been increased to 392 million.
The purpose of the programme is to reduce Aviva’s share capital. Having commenced on 13 August 2021, it will now reportedly be completed by 31 March 2022.
Currently, 158 million ordinary shares have been purchased under the programme for a total consideration of £635m.
Aviva said it has accordingly updated its non-discretionary agreement with Citigroup Global Markets Ltd who is conducting the programme on Aviva’s behalf and making trading decisions under the programme independently of Aviva.
Shares acquired by Citigroup under the agreement will be sold on to Aviva and cancelled.
Amanda Blanc, Aviva’s CEO, said: “We are increasing our share buyback to £1bn as part of our commitment to return at least £4bn to ordinary shareholders. We will update further on our capital return and dividend plans at our full year results in March 2022.”