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

AVIVA PLC

(AV.)
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Aviva : £875 million buy-in with the Aviva Staff Pension Scheme

11/27/2020 | 06:23am EST

Aviva Life & Pensions UK Ltd announces the completion of a £875 million bulk annuity buy-in transaction with the Aviva Staff Pension Scheme. This is the second deal with the Scheme, having announced a £1.7 billion transaction in October last year*

Aviva will insure the defined benefit pension liabilities of 2,868 members, removing the investment and longevity risk of these members from the Scheme. Members will experience no change in the amount of benefits they receive or the way in which they are paid as a result of the deal.

The Scheme Trustee was independently advised throughout the process by Hymans Robertson and Linklaters.

Brian Bussell, Chair of the Trustee of the Aviva Staff Pension Scheme, said: 'The Trustee is delighted to have entered into this second buy-in with Aviva to continue to take steps to help secure the benefits due to our members. In addition to the existing longevity swap and buy-in, this recent buy-in helps to further reduce the amount of longevity and investment risk within the Scheme.'

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: 'This latest transaction with the Aviva Staff Pension Scheme further underlines our capabilities and expertise in the de-risking market. It has been a year of uncertainty for many, but we've consistently helped schemes to secure member benefits throughout and we're pleased to now support the Aviva Staff Pension scheme with the next stage of their de-risking strategy. We remain focused on the disciplined growth of our business and this transaction builds on the record £5billion of new bulk annuity business reported in our third quarter operating update.'

Michael Abramson, Partner at Hymans Robertson, said: 'Hymans Robertson is pleased to have helped the Trustee take another meaningful step in its de-risking journey. In a turbulent year, this buy-in is a prime example of how pension schemes who are well prepared can move nimbly to take advantage of de-risking opportunities.'

-ENDS-

*www.aviva.com/newsroom/news-releases/2019/10/aviva-completes-buy-in-with-the-aviva-staff-pension-scheme

Katy Hurren

Retirement

  • Phone

    +44 (0) 7800 692 548
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    katy.hurren@aviva.com
  • Other

    @Katy_Hurren

Disclaimer

Aviva plc published this content on 27 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2020 11:22:00 UTC


© Publicnow 2020
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Financials
Sales 2020 47 533 M 64 578 M 64 578 M
Net income 2020 1 737 M 2 360 M 2 360 M
Net Debt 2020 5 016 M 6 815 M 6 815 M
P/E ratio 2020 7,71x
Yield 2020 6,33%
Capitalization 13 685 M 18 602 M 18 592 M
EV / Sales 2020 0,39x
EV / Sales 2021 0,38x
Nbr of Employees 31 181
Free-Float 97,1%
Chart AVIVA PLC
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Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 383,62 GBX
Last Close Price 3,49 GBX
Spread / Highest target 14 247%
Spread / Average Target 10 908%
Spread / Lowest Target 6 111%
EPS Revisions
Managers and Directors
NameTitle
Amanda Blanc Chief Executive Officer & Director
Mark George Culmer Non-Executive Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Jason Michael Windsor CFO, Executive Director & Chief Investment Officer
Michael Mire Independent Non-Executive Director
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