Aviva plc (“Aviva”) announces today it will increase and extend its ordinary share buyback programme announced on 12 August 2021 (the “Programme”) from £750 million to a maximum aggregate consideration of £1 billion*. The total maximum number of shares to be acquired under the Programme is increased to 392 million*. 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 £1 billion* as part of our commitment to return at least £4 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 £635 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.
* 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.
Rupert Taylor Rea
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Michael O’ Hara
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Notes to editors:
- We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in Singapore, China and India.
- We help our 18.5 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- 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 2021, we paid £30.2 billion in claims and benefits to our customers.
- Aviva is a market leader in sustainability. 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. 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/
- At 31 December 2021, total Group assets under management at Aviva Group are £401 billion and our Solvency II shareholder capital surplus is £13.1 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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