Business

Aviva increases tender offer to £1bn in bid to reduce debt

The news follows the company’s latest full-year results which saw its operating profit remain stable at £3.16bn down only £23m from 2019 despite the ‘negative impacts’ of the ongoing pandemic

Aviva has announced that it has increased its tender offer for certain series of Euro
and Sterling denominated notes to £1bn, in a bid to reduce its company debt.

The news follows the company’s latest full-year results which saw its operating profit remain stable at £3.16bn, down only £23m from 2019 despite the “negative impacts” of the ongoing pandemic.

Last week the insurer revealed its plans to achieve a debt reduction of £1.7bn in H1 2021 as it follows a cash generation strategy for its core markets.

Amanda Blanc, CEO at Aviva, said at the time: “2020 was a year of significant change for Aviva. Our performance in 2020 demonstrates the resilience of our core businesses and our growth potential.

“We delivered record sales in group protection; record sales of bulk purchase annuities; and record net flows in savings and retirement.”

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