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

AVIVA PLC

(AV.)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 01/15 11:30:00 am
348.6 GBX   -0.54%
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Aviva : to sell its entire shareholding in Aviva Vita

11/23/2020 | 03:23am EST

Aviva plc ('Aviva') today announces that it has agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A. ('Aviva Vita' or the 'Company'), to its partner UBI Banca (the 'Transaction'). The Transaction represents another important strategic milestone as Aviva delivers on its commitment to refocus its portfolio.

On completion, Aviva will receive c.€400 million in cash consideration. The Transaction represents a multiple of 8.4x Aviva Vita's 2019 IFRS profit after tax, 1.0x Solvency II Own Funds at 30 June 2020 and 1.2x net asset value at 30 June 20201. In addition, a subordinated loan of €40 million provided by Aviva Italia Holding S.p.A. to Aviva Vita, will be repaid in full at completion.

The Transaction would increase Aviva's net asset value as at 30 June 2020 by £0.12 billion, strengthen Aviva's Solvency II capital surplus by £0.22 billion and increase its Solvency II coverage ratio on a shareholder basis by approximately 4 percentage points. In 2019, Aviva Vita's IFRS profit after tax was £523 million and it did not pay a dividend. The gross assets of Aviva Vita were £16.32 billion as at 30 June 2020.

The proceeds will be used to further strengthen Aviva's central liquidity and will be considered as part of Aviva's broader capital management and debt reduction objectives.

Customers of Aviva Vita will continue to deal with the Company as usual and there is no impact to customer policies as a result of this announcement. The Transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in the first half of 2021.

Aviva has three other operating insurance entities in Italy:

  • Aviva SpA, a 51% owned life insurance joint venture with UniCredit (2019 Solvency II Own Funds of €0.8 billion4)
  • Aviva Life SpA, a 100% owned life insurance entity (2019 Solvency II Own Funds of €0.2 billion)
  • Aviva Italia SpA, a 100% owned general insurance entity (2019 Solvency II Own Funds of €0.2 billion)

Aviva continues to evaluate how it manages these businesses to maximise shareholder value.

Amanda Blanc, Chief Executive Officer of Aviva, said:

Our strategy is about focus and delivery. The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business. We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders.

Notes:

1. Multiples presented on a 100% basis

2. Translated into GBP at 30 June 2020 spot rate of 1.10

3. Translated into GBP at 2019 average rate of 1.14

4. Figures represent 100% of Aviva SpA

-ENDS-

Enquiries:

Media:

Andrew Reid
+44 (0)7800 694 276

Sarah Swailes
+44 (0)7800 694 859

Analysts:

Diane Michelberger
+44 (0)20 7662 0911

Disclaimer

Aviva plc published this content on 23 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2020 08:22:01 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
Duration : Period :
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 348,50 GBX
Spread / Highest target 43,5%
Spread / Average Target 10,1%
Spread / Lowest Target -37,9%
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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