Aviva third-quarter update comes on back of busy few months
Published: 15:37 10 Nov 2023 GMT
There has been a lot going with Aviva PLC (LSE:AV.) since the life insurer last reported half-year results back in August.
At the time, chief executive Amanda Blanc was able to confidently predict the group was on track to beat its previous guidance, with cost-reduction plans running a year ahead of target and first-half profits better than expected.
Later that month there was a bit of a setback, as it lost its UK and Ireland boss to a general insurance rival, though this should be nothing more than an annoying hitch for a FTSE 100 company.
Then in September, Aviva rejigged its ISA and SIPP offerings, making them more competitive with fund supermarket platforms like Hargreaves Lansdown and AJ Bell, which seemed a prelude to a big announcement about plans for its UK Wealth business.
Blanc target of reaching at least £250 billion in assets and at least £280 million in operating profit per annum within the next five years is ambitious, analysts said.
Also last month, bid rumours re-emerged, with the group said to be in the cross-hairs of a number of interested parties.
Aviva has also been engaged in more of its own M&A, continuing its decade of streamlining with the £800 million sale of its stake in Singapore Life, before a bit of acquisition activity, buying AIG's UK protection business for £460 million.
