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    AV.   GB0002162385

AVIVA PLC

(AV.)
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Aviva new business rises 25 percent after Friends Life buy, shares rise

10/29/2015 | 03:36am EDT
A man walks past an AVIVA logo outside the company's head office in the city of London

LONDON (Reuters) - British insurer Aviva's value of new business rose 25 percent in the first nine months of 2015 following this year's acquisition of Friends Life, making its shares the top gainer in the FTSE 100 index <.FTSE> on Thursday.

Life and general insurer Aviva bought Friends Life in a 5.6 billion pound deal in April, creating a market leader in life insurance.

British pensions reform and upcoming stricter capital rules for European insurers have prompted consolidation in the industry.

"The financial and strategic benefits of this deal are coming through loud and clear," Chief Executive Mark Wilson told reporters. "The acquisition has proven to be everything we expected it to be."

The value of new business climbed to 823 million pounds, up 25 percent from a year earlier.

The company's combined operating ratio, a key measure of performance in its general insurance business, strengthened by 1.9 percentage points to 94 percent. A number below 100 percent indicates a profit.

JP Morgan analysts called the results "a reassuring set of numbers", reiterating their "overweight" rating on the stock.

Aviva shares rose to a two-month high before trimming gains to 486 pence by 0828 GMT, up 1.3 percent compared with a 0.9 percent fall in the FTSE 100.

Aviva said it had achieved cost savings of 91 million pounds so far from the Friends Life merger, against a 225 million target. Wilson said the merger had produced capital savings of 300 million pounds this year, with "a whole lot more" expected in the next two years.

He reiterated that the group planned to make small "bolt-on" acquisitions across its global businesses, but said deal sizes would not total more than a few hundred million pounds.

(Editing by Simon Jessop and David Holmes)

By Carolyn Cohn


ę Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 0.65% 387.7 Delayed Quote.18.45%
FTSE 100 -0.19% 7014.8 Delayed Quote.8.78%
MSCI UNITED KINGDOM (STRD) 0.84% 1132.599 Real-time Quote.9.85%
S&P UNITED KINGDOM (PDS) -0.16% 1397.42 Delayed Quote.9.30%
SET -0.47% 1545.1 Real-time Quote.6.61%
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Financials
Sales 2021 46 772 M 64 465 M 64 465 M
Net income 2021 2 260 M 3 114 M 3 114 M
Net cash 2021 8 664 M 11 942 M 11 942 M
P/E ratio 2021 6,82x
Yield 2021 5,70%
Capitalization 15 130 M 20 814 M 20 854 M
EV / Sales 2021 0,14x
EV / Sales 2022 0,14x
Nbr of Employees 28 596
Free-Float 97,1%
Chart AVIVA PLC
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Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 385,20 GBX
Average target price 466,10 GBX
Spread / Average Target 21,0%
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
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PRUDENTIAL PLC1.30%52 488
PRUDENTIAL FINANCIAL, INC.27.45%41 106
MANULIFE FINANCIAL CORPORATION5.83%38 899