Business

Aviva to return £4bn to shareholders amid strong H1

Included in the large sum is £750m which will also be available via share buyback and will commence immediately

Aviva has announced that off the back of its 8% increase in its pre-tax profits to £1.13bn for its half-year trading, the group intends to return at least £4bn of capital to shareholders by next June.

Included in the large sum is £750m which will also be available via share buyback and will commence immediately.

The news comes as the insurance group reported a 17% increase in its adjusted operating profit for the six-month period ended 30 June 2021, to £725m from £621m the previous year.

Meanwhile, life present value of new business premiums (PVNBP) grew 13% to £16.9bn4 from £14.9bn, with “strong growth” in the group’s savings and retirement segment.

For general Insurance gross written premiums (GWP), the group claimed to have had the “best start to the year in a decade” with it up 6% to £4.4bn from £4.1bn in 2021.

Amanda Blanc, group CEO, said: “We delivered strong cash remittances of £1.1bn in the first half and we are on track to achieve our objective of over £5bn in cash remittances between 2021 and 2023.

“We are on track to deliver our £300m savings target in 2022 and are focused on achieving top quartile efficiency in all our businesses. While we’ve got more to do, our half year results show we have what it takes to drive growth in our businesses.”

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