Thu, Aug. 6, 2:44 AM
Thu, Apr. 9, 11:49 AM
- Home to more than half the world's population who also happen to be growing wealthier and living longer, but without the safety nets common in the West, Asia is the spot insurers look to for growth ... But it isn't coming cheap.
- Manulife's (MFC +0.2%) just-inked $1.2B distribution deal with DBS Group Holdings gives it access to Singapore, Hong Kong, Indonesia, and China for $300M per country. A deal last year between Prudential Plc and Standard Chartered went for $140M per country, and an AIA/Citi deal in 2013 cost $72M per country.
- While those numbers are not necessarily apples-to-apples, they do provide a rough guide to how costly access is getting. The U.K. Aviva (AV -1.1%) thought the price excessive and pulled out of the bidding, but, for now, Manulife investors don't mind having to pay up - the stock's higher by more than 2% since the announcement.
- Source: WSJ
- Previously: WSJ: Manulife eyes Asian growth with $1B+ insurance-product deal (April 8)
Thu, Mar. 5, 6:42 AM
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. 25, 2014, 3:06 PM
- The decision to shutter the unit - which has $2B in AUM, and invests money across a range of external hedge fund managers - was made after a major client asked for its money back, reports the WSJ.
- “Following a comprehensive review of our business, we have decided to exit the business of investing in third party hedge funds,” says an Aviva (AV -1.2%) spokesman. “We are working with our affiliates and the underlying hedge fund managers on an orderly transition plan.”
- Aviva continues to be under pressure this week after announcing plans for a takeover of Friends Life Group in a deal which would create the largest insurance, savings, and asset-management company in the U.K.
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. 22, 2014, 2:32 PM
- An investigation by The Telegraph finds that one in four pensioners who retired with a private pension in the past seven years is entitled to more annual pension income.
- Aviva (NYSE:AV) Britain’s largest insurer, says it's paying compensation and increasing the annual payouts of hundreds of customers.
- FCA watchdog will publish a report in December that experts say could "open the floodgates to claims" and force other companies to take similar actions.
Sep. 12, 2014, 5:56 AM
- Barclays (NYSE:BCS) has named John McFarlane, current chairman of insurer Aviva (NYSE:AV) and transport firm FirstGroup (OTCPK:FGROY), as the bank's new chairman.
- McFarlane will replace Sir David Walker, who will retire next year, after Barclays' 2015 annual shareholder meeting usually held in April.
- The bank has been looking for a strong replacement for Walker, who with CEO Antony Jenkins has aimed to improve the bank's culture after a series of scandals in recent years.
Aug. 7, 2014, 11:09 AM
Mar. 6, 2014, 4:11 AM
- Aviva's (AV) adjusted operating profit rose 6% to £2.05B ($3.43B) in 2013 as the value of new business climbed 13% to £835M after dropping in 2012
- The insurer said it's on track to deliver £400M in cost cuts by the end of 2014.
- Massive U.K. flooding this year has cost Aviva £60M.
- Aviva increased its final dividend to 9.4 pence from 9 pence, bringing the total for 2013 to 15 pence vs 19 pence in 2012.
- Shares are +8.2% in London. (PR)
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.
Nov. 7, 2013, 3:37 AM
- Aviva's (AV) value of new business grew 14% to £571M in the first nine months of the year, lifted by strong performances in France and emerging markets.
- Operating capital generation was unchanged at £1.3B.
- Operating expenses -7% to £2.28B.
- Total long-term saving sales -6% to £5.81B.
- Net asset value dropped to 273 pence a share at the end of Q3 from 281 pence at the end of Q2.
- Aviva warned that it expects new-business growth to moderate in Q4 after a strong performance a year earlier.
- Shares -0.3% in London. (PR)
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).
Aug. 8, 2013, 4:24 AM
- Aviva (AV): H1 operating profit +5% to £1.01B ($1.6B), above consensus of £933M.
- Value of new business +17% to £401M, boosted by the U.K., France and Asia, although sales slumped in Italy and Spain.
- Underlying pretax profit £605M vs £309M.
- IFRS profit after tax £776M vs loss of £624M a year earlier, when Aviva took a £3.3B writedown on U.S. operations.
- Operational capital generation £936M vs 906M last year.
- Combined operating ratio, or claims and expenses as a proportion of premiums, +96.2% vs 95.5% last year, indicating that underwriting didn't improve.
- Restructuring costs -10% to £164M.
- Expects to complete the sale of its U.S. operations by the end of 2013.
- As expected, to pay H1 dividend of 5.6 pence/share.
- Shares +6.3% in London.
Jul. 19, 2013, 2:59 AMAIG (AIG), MetLife (MET) and Prudential Financial (PRU) are among nine global insurers that have been categorized as "systemically important" by the G20's Financial Stability Board. The designation, which U.S. authorities also want to place on the firms, will mean they'll have to hold higher capital reserves, and formulate recovery and resolution plans to limit any fallout should they collapse. Unlike in the U.S., GE Capital's (GE) not on the list, although Prudential PLC (PRU), Aviva (AV), Germany's Allianz (ALIZF.PK), France's Axa (AXAHY.PK), China's Ping An (PIAIF.PK) and Italy's Assicurazioni Generali (ARZGF.PK) are. | Jul. 19, 2013, 2:59 AM | 4 Comments
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Aviva PLC operates across four market sectors: life insurance and savings; general insurance, health insurance and fund management. Its operating segments are UK & Ireland; France; Poland; Italy, Spain and Other; Canada; Asia; and Aviva Investors.
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