British insurer Aviva said it was meeting its commitment to give back at least £4bn to shareholders after pressure from Swedish activist investor Cevian.
The company on Thursday said it had completed £450m of a £750m share buyback, with at least £4bn to be returned by the 2022 half year, and added that it would also meet a £300m cost savings target next year.
“We expect the good trading momentum to continue in the fourth quarter, and we remain on track to meet or exceed our cash and cost saving targets,” said chief executive Amanda Blanc.
Net inflows to the savings and retirement business rose a record 21% in the first nine months of the year, and general insurance premiums rose 5%, reflecting solid customer retention and new business wins, particularly in commercial lines, Aviva said.
