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    AV.   GB0002162385

AVIVA PLC

(AV.)
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Delayed Quote. Delayed London Stock Exchange - 10/22 11:37:26 am
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Aviva : announces £320m bulk annuity deal with the John Laing Pension Fund

09/16/2021 | 10:42am EDT

Aviva today announces it has completed a £320m bulk purchase annuity transaction with the John Laing Pension Fund. John Laing is an active investor and manager of infrastructure projects, focused on major transport, social and environmental infrastructure projects and renewable energy projects, across a range of international markets including the UK.

This is the second buy-in transaction between Aviva and the John Laing Pension Fund. It follows a £211 million transaction in December 2008. Aviva will insure the defined benefit pension liabilities for 1,850 current pensioners, taking responsibility for the investment and longevity risk of these members from the Fund. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

The process to select an insurer and negotiate terms was led by Willis Towers Watson. The trustee received legal advice from Linklaters, whilst Aviva received guidance from Eversheds Sutherland.

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: 'We're delighted to have again been able to help the Trustees provide greater security for their members. Thanks to the experienced and well-prepared teams on all sides we were able to complete a smooth and efficient transaction. We continue to see strong demand from schemes, and we're committed to helping schemes of all sizes with their de-risking plans.'

Mike Clare, Chair of Trustees for the John Laing Pension Fund, said: 'The Trustees have been focused on achieving the right long-term de-risking for the Fund. The Fund has had a strong relationship with Aviva since its 2008 buy-in and now was the right time to undertake a further buy-in. The buy-in is good news for member security and is a result of positive and successful collaboration between all those involved.'

Shelly Beard, Senior Director at Willis Towers Watson, said: 'We were very pleased to help the Trustees to secure their second buy-in, extending their partnership with Aviva. This was an important de-risking step for the Fund and the Trustee benefited from a highly competitive pensioner buy-in market at the current time.'

-ENDS-

Media Enquiries

Daniel Skipp

Media Relations Manager | Savings & Retirement

  • Phone

    • 07385404972
  • Email

    • daniel.skipp@aviva.com

Disclaimer

Aviva plc published this content on 16 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2021 14:41:11 UTC.


© Publicnow 2021
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Sales 2021 42 205 M 58 061 M 58 061 M
Net income 2021 1 639 M 2 254 M 2 254 M
Net cash 2021 8 664 M 11 919 M 11 919 M
P/E ratio 2021 7,56x
Yield 2021 5,66%
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EV / Sales 2021 0,15x
EV / Sales 2022 0,15x
Nbr of Employees 28 596
Free-Float 97,2%
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Number of Analysts 20
Last Close Price 393,60 GBX
Average target price 468,05 GBX
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Amanda Blanc Chief Executive Officer & Executive Director
Jason Michael Windsor Chief Financial Officer & Director
Mark George Culmer Non-Executive Chairman
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