Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Aviva plc
  6. News
  7. Summary
    AV.   GB0002162385

AVIVA PLC

(AV.)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Aviva : announces ú900m bulk annuity deal with Kingfisher Pension Scheme

07/22/2021 | 06:48am EDT

Aviva announces it has completed a £900m bulk purchase annuity transaction in July, with the Kingfisher Pension Scheme. Kingfisher plc is a British multinational retailing company headquartered in London, which manages brands including B&Q and Screwfix.

Aviva will insure the defined benefit pension liabilities for over 8000 members, taking responsibility for the investment and longevity risk of these members from the Plan. 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 Aon. The trustee received actuarial advice from Hymans Robertson and legal advice from Eversheds Sutherland (International) LLP and Aviva was advised by DLA Piper.

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: 'Kingfisher is a leading multinational retailer with a strong presence in the UK and we're proud to have helped the Trustees of the Pension Scheme to secure benefits for their members. Throughout the process we've been working to an ambitious timeline and thanks to the expertise and collaboration of all parties we completed the transaction within three weeks of exclusivity.'

'We're proud to have helped the Trustees of the Pension Scheme to secure benefits for their members.'

Clive Gilchrist of BESTrustees, Chair of Trustees the Kingfisher Pension Scheme, said: 'This is great news for our members. The Trustee, with support from the Kingfisher pension executive team and our external advisers, has successfully completed a third buy-in and secured these existing pensioner members' benefits through Aviva Life & Pensions UK limited, an insurer which has strong financial credentials and a track record of excellent customer service.'

John Baines, Head of Bulk Annuities at Aon, said: 'This third, and largest, buy-in transaction in which Aon has worked with the Kingfisher Trustee really demonstrates the value of developing a clear strategy. The tried-and-tested decision-making framework allowed them to use their previous experience to once again benefit scheme members. The first half of 2021 saw a relatively modest level of activity in the bulk annuity market, which gave rise to an opportunity for the Trustee to move quickly to capture excellent market pricing.'

Simon Daniel, Partner at Eversheds Sutherland, said: 'The Trustee had clear objectives for this transaction and was very well prepared. Eversheds Sutherland is delighted to have been part of the team that delivered it for the Scheme. Aviva is a new partner for the Trustee and it was great to work with its advisers to put in place contractual arrangements that meet all parties' requirements and, most importantly, provide further benefit security for members.'

-ENDS-

Media Enquiries

Daniel Skipp

Media Relations Manager | Savings & Retirement

  • Phone

    • 07385404972
  • Email

    • daniel.skipp@aviva.com

Disclaimer

Aviva plc published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 10:47:07 UTC.


ę Publicnow 2021
All news about AVIVA PLC
09/23AVIVA : One in three business properties at risk from flooding, many unprotected from clim..
PU
09/22FTSE 100 gains as banks, commodity-linked stocks jump; Entain at record high
RE
09/21AVIVA : Onboarding process for start-ups
PU
09/21AVIVA : strengthens Executive Committee
PU
09/20AVIVA IRELAND : 1 in 5 homeowners have experienced a security breach
PU
09/20AVIVA : The pension preparedness vacuum
PU
09/17Miners weigh London's FTSE 100 down; travel stocks jump
RE
09/16AVIVA : announces ú320m bulk annuity deal with the John Laing Pension Fund
PU
09/14Aviva plc Announces Board Changes
CI
09/13AVIVA : Brits lose 43 nights' sleep a year over decisions
PU
More news
Analyst Recommendations on AVIVA PLC
More recommendations
Financials
Sales 2021 40 644 M 55 559 M 55 559 M
Net income 2021 1 662 M 2 273 M 2 273 M
Net cash 2021 8 664 M 11 844 M 11 844 M
P/E ratio 2021 7,55x
Yield 2021 5,55%
Capitalization 15 499 M 21 186 M 21 186 M
EV / Sales 2021 0,17x
EV / Sales 2022 0,16x
Nbr of Employees 28 596
Free-Float 97,2%
Chart AVIVA PLC
Duration : Period :
Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 400,00 GBX
Average target price 470,19 GBX
Spread / Average Target 17,5%
EPS Revisions
Managers and Directors
Amanda Blanc Chief Executive Officer & Executive Director
Jason Michael Windsor Chief Financial Officer & Director
Mark George Culmer Non-Executive Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Michael Mire Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
AVIVA PLC23.00%21 186
AXA20.46%65 718
METLIFE, INC.30.69%52 579
PRUDENTIAL PLC3.34%49 514
PRUDENTIAL FINANCIAL, INC.32.89%40 131
MANULIFE FINANCIAL CORPORATION7.86%37 377