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

AVIVA PLC

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Aviva : UK minister says insurance reforms not part of a 'deregulatory agenda'

02/23/2021 | 11:07am EST
John Glen, local Member of Parliament for Salisbury and South Wiltshire, talks to the media in Salisbury

LONDON (Reuters) - Britain's plans to change capital requirement rules for insurers following its departure from the European Union are about tailoring them to local conditions rather than any "gratuitous deregulatory agenda," its financial services minister said.

Britain inherited the Solvency II insurance capital rules from the EU, which it left on Dec. 31. But UK insurers and lawmakers have long called for changes to make the rules more specific for the sector in Britain.

A consultation by the finance ministry on potential changes has just ended, with the insurance industry hoping it will lead to an easing in capital requirements.

"This isn't about a gratuitous deregulatory agenda, but proportionate and appropriate changes to reflect the situation happening in the UK," finance minister John Glen told the Association of British Insurers' (ABI) annual meeting.

The Bank of England has also warned insurers not to expect any big reduction in capital requirements after Brexit.

Jon Dye, chair of the ABI, said insurers were not looking for "huge capital reduction at the expense of policyholder protection".

"There's plenty of scope for practical reform here that utilises the UK's ability post-Brexit to have a regulatory system designed for the UK market, not the aggregated needs of 28 countries."

The EU is concerned Britain might use its departure from the bloc to try to gain a competitive advantage.

Changes to the Solvency II regime could free up 95 billion pounds ($134 billion), which insurers could use to invest in areas such as tackling climate change, according to research by consultants KPMG for the ABI.

Charlotte Gerken, an executive director at the Bank of England, told a later conference session that "we are not looking for increase or decrease ... but are interested in the evidence as to ... what is the amount of capital that is about right".

Gerken said insurers had been resilient during the pandemic under the current regime.

($1 = 0.7099 pounds)

(Reporting by Huw Jones. Editing by David Goodman and Mark Potter)

By Huw Jones and Carolyn Cohn


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 1.23% 387.9 Delayed Quote.17.84%
RSA INSURANCE GROUP PLC -0.09% 677.4 Delayed Quote.0.09%
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Financials
Sales 2020 46 210 M 64 200 M 64 200 M
Net income 2020 1 778 M 2 470 M 2 470 M
Net Debt 2020 5 016 M 6 969 M 6 969 M
P/E ratio 2020 8,18x
Yield 2020 5,67%
Capitalization 15 233 M 21 308 M 21 163 M
EV / Sales 2020 0,44x
EV / Sales 2021 0,46x
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
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 403,66 GBX
Last Close Price 387,90 GBX
Spread / Highest target 28,9%
Spread / Average Target 4,06%
Spread / Lowest Target -44,2%
EPS Revisions
Managers and Directors
NameTitle
Amanda Blanc Chief Executive Officer & Director
Jason Michael Windsor CFO, Executive Director & Chief Investment Officer
Mark George Culmer Non-Executive Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Michael Mire Independent Non-Executive Director
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