Aviva To Raise Share Repurchase Drive To 1 Bln Pounds

Aviva Plc (AV.L), a British insurance company, said on Thursday that it will raise and extend its share repurchase drive announced earlier this year, from 750 million pounds, to a maximum total consideration of one billion pounds.

In addition, the UK-based firm also increased the maximum number of shares to be acquired through the initiative to 392 million shares.

Amanda Blanc, Group Chief Executive Officer, commented: "We are increasing our share buyback to one billion pounds as part of our commitment to return at least four billion pounds to ordinary shareholders. We will update further on our capital return and dividend plans at our full year results in March 2022."

The program which started on August 12 is expected to be completed by March 31.

As of December 15, 158 million ordinary shares have been purchased under the program for a total consideration of 635 million pounds.

The shares are being purchased by Citigroup Global Markets Ltd under a deal to sell on to Aviva.

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