Aviva CEO Blanc looking to divest Russia position

Aviva's fund management unit has less than 0.1% exposure to Russia and the British insurer is planning to sell it, chief executive Amanda Blanc said on Wednesday.

“We have a very, very minimal exposure to Russia via Aviva Investors...less than 0.1,” Ms Blanc told a media call.

“We will be divesting of that exposure as soon as we practically can.” -The insurer on Wednesday reported a 10 per cent drop in 2021 operating profit and said will return £4.75 billion to shareholders.

Aviva had previously said it would give back at least £4 billion to investors following a string of disposals. Activist investor Cevian has sought £5billion in a cash return by the end of 2022.

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Aviva has raised £7.5 billion from selling eight businesses across the globe since the appointment of Ms Blanc as chief executive in July 2020.

“We’ve achieved a lot in the last year but we’re only just getting started,” Ms Blanc said in a statement.

Aviva said on Wednesday it was buying adviser Succession Wealth for £385 million.

It upgraded its cost savings target to £750 million for the 2018-24 period. Cevian had been pushing Aviva to cut costs more aggressively.

Operating profit from continuing operations was £1.63 billion, hurt by weaker performance in the insurer’s UK life business.

Aviva said it would pay a total 2021 dividend of 22.05 pence per share, and expected a 40% increase in 2022 dividend to around 31.5 pence. – Reuters