TIDMAV.
RNS Number : 8101V
Aviva PLC
16 December 2021
16 December 2021
Aviva plc to increase and extend ordinary share buyback
programme, taking the maximum aggregate consideration to GBP1.0
billion(1)
Aviva plc ("Aviva") announces today it will increase and extend
its ordinary share buyback programme announced on 12 August 2021
(the "Programme") from GBP750 million to a maximum aggregate
consideration of GBP1 billion(1) . The total maximum number of
shares to be acquired under the Programme is increased to 392
million(1) . The Programme commenced on 13 August 2021 and will now
complete no later than 31 March 2022.
Amanda Blanc, Group Chief Executive Officer, said:
"We are increasing our share buyback to GBP1 billion(1) as part
of our commitment to return at least GBP4 billion to ordinary
shareholders. We will update further on our capital return and
dividend plans at our full year results in March 2022."
Aviva has accordingly updated its non-discretionary agreement
with Citigroup Global Markets Ltd ("Citi") who is conducting the
Programme on Aviva's behalf and making trading decisions under the
Programme independently of Aviva (except Aviva's ability to
terminate Citi's mandate in certain limited circumstances).
Shares acquired by Citi under the agreement will be sold on to
Aviva and, to the extent permitted by law, such purchased shares
will be cancelled. The purpose of the Programme is therefore to
reduce Aviva's share capital.
As at 15 December 2021 158 million ordinary shares have been
purchased under the Programme for a total consideration of GBP635
million.
Note: Any purchase of Aviva ordinary shares contemplated by this
announcement will be executed in accordance with Aviva's general
authority to repurchase ordinary shares granted by its shareholders
on 6 May 2021, Market Abuse Regulation 596/2014 and the Commission
Delegated Regulation (EU) 2016/1052 (both as incorporated into UK
domestic law by the European Union (Withdrawal) Act 2018 and as
amended pursuant to the Market Abuse (Amendment) (EU Exit)
Regulations 2019 and the Financial Conduct Authority (FCA) Binding
Technical Standards setting out the conditions for the buy back
safe harbour), and Chapter 12 of the Financial Conduct Authority's
Listing Rules.
(1) During the Programme, Citi has discretion to notify Aviva of
a reduction in the Programme size due to a decrease in trading
liquidity of the shares. If such notification is received, a
further announcement will be made.
-ends-
Enquiries :
Analysts:
Rupert Taylor Rea +44 (0)7385 494 440
Tegan Gill +44 (0)7800 691 138
Michael O' Hara +44 (0)7387 234 388
Media:
Andrew Reid +44 (0)7800 694 276
Notes to editors :
-- For information on how Aviva is helping our people, customers
and communities impacted by COVID-19 visit:
www.aviva.com/covid-19-our-response/
-- We exist to be with people when it really matters, throughout
their lives. We have been taking care of people for 325 years, in
line with our purpose of being 'with you today, for a better
tomorrow'. In 2020, we paid GBP30.6 billion in claims and benefits
to our customers.
-- Aviva is invested in our people, our customers, our
communities and our planet. In 2021, we announced our plan to
become a Net Zero carbon emissions company by 2040, the first major
insurance company in the world to do so. This plan means Net Zero
carbon emissions from our investments by 2040; setting out a clear
pathway to get there with a cut of 25% in the carbon intensity of
our investments by 2025 and of 60% by 2030; and Net Zero carbon
emissions from our own operations and supply chain by 2030. Aviva
has been leading this agenda for decades: Aviva was the first
international insurer to go operationally carbon neutral in 2006
and we are champions of renewable energy and energy storage at our
offices, allowing us to achieve our 2030 carbon reduction target
(70% reduction on 2010 levels) 10 years early. Find out more about
our climate goals at www.aviva.com/climate-goals and our
sustainability ambition at www.aviva.com/sustainability .
-- Aviva is a Living Wage and Living Hours employer and provides
market-leading benefits for our people, including flexible working,
paid carers leave and equal parental leave. Find out more at
https://www.aviva.com/about-us/our-people/
-- We are focused on the UK, Ireland and Canada where we have
leading market positions and significant potential. We will invest
for growth in these markets. We will also transform our performance
and improve our efficiency. Our transformation will be underpinned
by managing our balance sheet prudently, reducing debt and
increasing our financial resilience. We also have strategic
investments in Singapore, China and India.
-- At 30 June 2021, total Group assets under management at Aviva
Group are GBP522 billion and our Solvency II shareholder capital
surplus is GBP12 billion. Our shares are listed on the London Stock
Exchange and we are a member of the FTSE 100 index.
-- For more details on what we do, our business and how we help
our customers, visit www.aviva.com/about-us
-- The Aviva newsroom at www.aviva.com/newsroom includes links
to our spokespeople images, podcasts, research reports and our news
release archive. Sign up to get the latest news from Aviva by
email.
-- You can follow us on:
o Twitter: www.twitter.com/avivaplc/
o LinkedIn: www.linkedin.com/company/aviva-plc
o Instagram: www.instagram.com/avivaplc
-- For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva
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END
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December 16, 2021 02:00 ET (07:00 GMT)
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