Aviva Plans Further Buyback After 1st Half Profit Rose
10 August 2022 - 05:03PM
Dow Jones News
By Michael Susin
Aviva PLC reported on Wednesday an increase in operating profit
for the first half of 2022, backed its dividend guidance for the
full year and outlined further plans for capital returns.
The FTSE 100 insurer posted an operating profit for the
six-month period of 829 million pounds ($1 billion), up from GBP725
million for the year-earlier period, citing the benefits of a
diversified business model in a challenging environment.
The company's Solvency II ratio--which represents capital
strength--as at June 30 stood at 234%, compared with 203% a year
earlier.
The board declared an interim dividend of 10.3 pence, up from
the 7.35 pence a share declared the same period a year earlier, and
backed its final dividend guidance of around 31.0 pence a share for
2022.
Aviva anticipated that it will start a share buyback program
together with its 2022 results.
"Assuming a new buyback is agreed, its size will be determined
by the board at year end and will take account of the financial
position at that time, as well as both the drivers of the capital
surplus and our preference to return surplus capital regularly and
sustainably," it added.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
August 10, 2022 02:48 ET (06:48 GMT)
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