Stephen Simpson, CFA
Stephen Simpson, CFA
Dec. 2, 2014, 3:56 AM
- Aviva (NYSE:AV) and Friends Life (OTC:RSLLF) have agreed on a £5.6B ($8.8B) merger, creating the U.K.’s largest insurance, savings and asset-management company.
- Holders of Friends Life shares will receive 0.74 new Aviva shares, unchanged from their announcement of a planned merger on Nov. 24.
- The combined company is expected to generate £600M in excess cash flow a year and about £225M in annual cost savings by the end of 2017.
- Previously: Aviva looks to make new friend
Nov. 24, 2014, 2:07 AM
- Investors are only starting to digest Aviva’s (NYSE:AV) potential £5.6B ($8.8B) purchase of Friends Life (OTC:RSLLF), which the two companies were forced to confirm late on Friday after the news leaked.
- The deal aims to strengthen the balance sheet of Aviva, as well as boosting AUM and cutting costs.
- The two companies have agreed to terms of a possible all-share deal at a 15% premium to Friends Life's closing price, offering Friends Life shareholders a 26% stake in the new company.
Nov. 28, 2013, 4:24 PM
- Just under two months after Apollo Global's (APO) Athene Holding paid $2.6B for its U.S. life and annuities business (see here and here), Aviva (AV) is set to make another deal with the private equity firm.
- APO is close to spending ~£400M on a "block of distressed UK property holdings" that AV has decided to sell, according to FT.
- Currently, around 47% of the insurer's UK property portfolio is performing poorly, causing the company to earmark ~$2.45B for losses.
- The block of assets AV has decided to sell is "twice as big as the set of industrial property assets that Royal Bank of Scotland brought to market last month," Alistair Gray writes.
Oct. 3, 2013, 3:12 AM
- Aviva (AV) has received $2.6B from the sale of its U.S. life and annuities business to Apollo Global's (APO) Athene Holding, above the $1.8B price that was originally announced.
- The extra $800M represents estimated earnings and other factors in calendar Q2. Aviva's cash proceeds from the deal totaled $2.3B. (PR)
Aug. 15, 2013, 10:35 AM
- Ben Lawsky - NY's chief financial services regulator - signs off on Apollo Global's (APO) purchase (through Athene Holding) of Aviva's (AV) U.S. annuities business after Apollo agrees to take steps to ensure policyholders are protected.
- Included will be quarterly - rather than annual - filings on capital levels, and the setup of a "backstop trust account."
- Lawsky had questioned whether P-E companies are suitable custodians of annuity businesses, a stance which also delayed the sale of Sun Life's (SLF) annuity business to Guggenheim Partners (he's signed off on that one too).
Jul. 16, 2013, 4:55 AM
The New York Department of Financial Services is reportedly considering blocking Athene Holding's $1.55B purchase of the U.S. annuity business of Britain's Aviva (AV) unless Athene, which is funded by an affiliate of private-equity firm Apollo Global (APO), agrees to stricter disclosure and capital requirements that don't apply to traditional insurers. The regulator is concerned that Apollo and other investment firms would take riskier bets with policy holders' money than traditional insurers would make.| Jul. 16, 2013, 4:55 AM
Jan. 13, 2013, 5:31 AMU.K. insurer Aviva (AV) and Singapore listed CIMB Group (CIMDF.OB) have reportedly agreed to sell their Malaysian insurance JV to a consortium of Canada's Sun Life Financial (SLF) and Malaysian state investor Khazanah Nasional for 1.7B ringgit ($563M). The winning bid beat Manulife (MFC) after an 8-month auction. The sale is part of Aviva's strategy of exiting non-core ops. | Jan. 13, 2013, 5:31 AM
Dec. 21, 2012, 7:04 AM
Aviva (AV) agrees to sell Aviva USA - its U.S. life and annuities business - to Athene Holding for $1.8B, as expected, far below the $3.8B book value of the business. Shares -0.5% premarket. (PR)| Dec. 21, 2012, 7:04 AM
Dec. 16, 2012, 3:56 AMSymetra Financial (SYA) has reportedly joined Apollo Global (APO) to bid for the U.S. unit of U.K. insurer Aviva (AV) and the companies could forge an agreement within days. However, Guggenheim Partners, which had joined Apollo in the bid, has dropped out. Any deal would come at a "substantial discount" to the subsidiary's book value, excluding debt, of £2.4B ($3.88B). | Dec. 16, 2012, 3:56 AM
Nov. 15, 2012, 5:59 AMApollo Global Management (APO) and Guggenheim Partners are reportedly in the lead in a combined bid to acquire Aviva's (AV) U.S. life insurance and annuities unit, which is expected to be sold at a "substantial discount" to its book value of £2.4B, excluding debt. Also in the hunt is Philip Falcone's Harbinger Group (HRG). | Nov. 15, 2012, 5:59 AM
Sep. 30, 2012, 4:55 AMApollo (APO), Harbinger and Guggenheim have made offers for an Aviva (AV) U.S. life insurance unit, Bloomberg reports, with some of the bidders holding talks with other investors about forming consortia to share the cost. The subsidiary could fetch over $1B, far below the $2.9B Aviva paid for most of its U.S. ops. | Sep. 30, 2012, 4:55 AM
Aug. 13, 2012, 8:29 AM
Illinois-based Guggenheim Life is in the lead to acquire some or all of Aviva's (AV) U.S. unit in a deal that could value the ops at £800M, around £200M below previous estimates, The Daily Telegraph reported over the weekend. Aviva recently wrote down the value of the subsidiary by £876M and could be willing to take a further hit, as a sale will free up around £2B of capital.| Aug. 13, 2012, 8:29 AM
Jul. 29, 2012, 5:10 PM
Aviva (AV) is hearing unsolicited offers for its U.S. life division, valued at £1B, the Sunday Telegraph reports - which would represent an £800M loss from when it bought the former AmerUs for $2.9B in 2006. Such a move could shore up capital and help preserve its dividend, now expected to be maintained on Aug. 9.| Jul. 29, 2012, 5:10 PM
Apr. 12, 2012, 6:34 AM
Under pressure to improve its performance, Aviva (AV) could sell its life assurance business in the U.S. even though it's considered core, the FT reports. Analysts estimate the unit could fetch at least £1B, sharply down from the £2B Aviva paid for most of the ops in 2006. Aviva has already left nine markets under a strategic overhaul.| Apr. 12, 2012, 6:34 AM
Mar. 25, 2012, 4:36 AM
New U.K. banking firm NBNK will tomorrow make a sweetened £1.5B bid for 632 branches being sold by Lloyds (LYG), The Daily Telegraph reports. The new offer will come amid worries that the proposed £1.4B sale of the outlets to Co-op has hit regulatory problems. NBNK's investors include Blackrock (BLK), Invesco (IVZ) and Aviva (AV).| Mar. 25, 2012, 4:36 AM
Jun. 23, 2011, 6:08 AM