reports
- Henry Heathfield
Morningstar | Aviva's 2018 Results Decent, All Things Considered
Aviva reported a 2% rise in operating profit to GBP 3.1 billion for 2018, slightly below our expectations. Operating earnings per share came in at GBX 58.4 with a GBX 30.0 total 2018 dividend, giving Aviva's stock a roughly 7% yield. At the current market valuation, Aviva trades at a very rough 1.0 times current net asset value. We will hold our fair value estimate at GBP 5.75 per share until we have full-year financial statements and roll our financial model. However, we are lowering our stewa...
- Henry Heathfield
Morningstar | Andale Aviva for Asset Management and Canadian General I...
Aviva is a midmarket insurer that has had its fair share of problems with leverage, unfocused capital allocation, and substandard controls. A largely undifferentiated composite insurer, it has missed opportunities to differentiate itself by expanding asset management. But this seems to be a focus of management, and with the change of guard, we expect this to continue. We think the second main focus is its digital strategy, which centres on MyAviva, and the business is having good success here. T...
- Henry Heathfield
Aviva's 2018 Results Decent, All Things Considered
Aviva reported a 2% rise in operating profit to GBP 3.1 billion for 2018, slightly below our expectations. Operating earnings per share came in at GBX 58.4 with a GBX 30.0 total 2018 dividend, giving Aviva's stock a roughly 7% yield. At the current market valuation, Aviva trades at a very rough 1.0 times current net asset value. We will hold our fair value estimate at GBP 5.75 per share until we have full-year financial statements and roll our financial model. However, we are lowering our stewa...
- Henry Heathfield
Morningstar | Strong Turnaround Still in Place for Aviva
Aviva is a midmarket insurer that has historically had its fair share of problems. It has been overleveraged and caught with substandard processes and controls. Largely an undifferentiated composite insurer, it missed opportunities to expand its asset-management arm and establish a moat. However, the business is now on a stronger financial footing, and there is operational momentum in asset management and digital.Going digital is widely broadcast by multiline insurers, but Aviva and the United K...
- Henry Heathfield
Strong Turnaround Still in Place for Aviva
Aviva has announced that CEO Mark Wilson will step down as CEO with immediate effect and will leave the company on April 9, 2019. We maintain our fair value estimate of GBX 575, along with our no moat and stable moat trend ratings. The announcement does come as a surprise--particularly, in our view, the short transition period to find a suitable replacement. Still, we think there have been small tell-tale signs that Wilson has been looking elsewhere, namely his appointment to the board of BlackR...
- Henry Heathfield
Morningstar | Aviva CEO Mark Wilson Steps Down
Aviva has announced that CEO Mark Wilson will step down as CEO with immediate effect and will leave the company on April 9, 2019. We maintain our fair value estimate of GBX 575, along with our no moat and stable moat trend ratings. The announcement does come as a surprise--particularly, in our view, the short transition period to find a suitable replacement. Still, we think there have been small tell-tale signs that Wilson has been looking elsewhere, namely his appointment to the board of Black...
- Henry Heathfield
Aviva CEO Mark Wilson Steps Down
Aviva has announced that CEO Mark Wilson will step down as CEO with immediate effect and will leave the company on April 9, 2019. We maintain our fair value estimate of GBX 575, along with our no moat and stable moat trend ratings. The announcement does come as a surprise--particularly, in our view, the short transition period to find a suitable replacement. Still, we think there have been small tell-tale signs that Wilson has been looking elsewhere, namely his appointment to the board of BlackR...
- Henry Heathfield
Morningstar | Aviva's 1H Shows Resilient U.K. Long-Term Margins, Canad...
Aviva reported a clean operating profit of GBP 1.4 billion for the first half, ahead of our expectations. However, the solvency ratio at half-end was a little low at 187%, and operating capital generation was down GBP 200 million at GBP 0.9 billion. Cash remittances were higher at a total GBP 1.49 billion, including a GBP 500 million special U.K. insurance remittance. While there are some poorer headlines, we still believe in Aviva’s ability to drive the business forward, and we are maintainin...
- Henry Heathfield
Aviva's 1H Shows Resilient U.K. Long-Term Margins, Canada Dragging; Sh...
Aviva reported a clean operating profit of GBP 1.4 billion for the first half, ahead of our expectations. However, the solvency ratio at half-end was a little low at 187%, and operating capital generation was down GBP 200 million at GBP 0.9 billion. Cash remittances were higher at a total GBP 1.49 billion, including a GBP 500 million special U.K. insurance remittance. While there are some poorer headlines, we still believe in Aviva’s ability to drive the business forward, and we are maintainin...
- Henry Heathfield
Aviva’s digital and fund-management efforts are building a stronger ...
Aviva reported full-year 2017 results of GBP 1.6 billion, and while the headline is a disappointing result in Canada, we think the business is showing good core operations beyond these issues as six of its eight core operations delivered double-digit growth in profit. We will maintain our GBX 575 and $14.30 fair value estimates and no-moat rating. While Aviva is no longer looking to shrink its geographic presence, left with good core businesses or businesses with apparently good prospects for gr...
- Please Change Name Benjamin Serra
Aviva Plc: Stronger profitability and capital enhance credit profile
FINANCIAL INSTITUTIONS ISSUER IN-DEPTH 30 November 2017 RATINGS Aviva plc Rating Outlook STA Senior Unsecured MTN (P)A2 Commercial Paper P-1 Subordinate A3(hyb) Junior Subordinate A3(hyb) Pref. Stock Baa1(hyb) Source: Moody's Investors Service KEY METRICS: Aviva plc (British Pound Millions) 2016
- Please Change Name Benjamin Serra
Aviva Plc: Update following rating upgrade
FINANCIAL INSTITUTIONS CREDIT OPINION 24 October 2017 Update RATINGS Aviva Plc Domicile United Kingdom Long Term Rating A2 Type Senior Unsecured - Fgn Curr Outlook Stable Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Benjamin Serra +33.1.5330.1073
- Please Change Name Benjamin Serra
Aviva Plc: Update following review for upgrade
FINANCIAL INSTITUTIONS CREDIT OPINION 22 June 2017 Update RATINGS Aviva Plc Domicile United Kingdom Long Term Rating A3 , Possible Upgrade Type Senior Unsecured - Fgn Curr Outlook Rating(s) Under Review Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Benjamin Serra 33-1-5330-1073 V
- Stephen Ellis
Near-term growth will be limited, but we think the new Aviva will be a...
Aviva reported strong first-half results with operating profit of GBP 1,325 million, ahead of consensus estimates of GBPÂ 1,306 million. We plan to maintain our no-moat rating because there is no fundamental change in the competitive positioning of the business, and we hold our fair value estimate at GBX 570 per share. Growth in operating profit was driven by U.K. life, fund management and digital plus the three-month contribution from Friends Life. Headwinds were higher natural catastrophe and...
- Stephen Ellis
Near-term growth will be limited, but we think the new Aviva will be a...
Aviva reported strong first-half results with operating profit of GBP 1,325 million, ahead of consensus estimates of GBPÂ 1,306 million. We plan to maintain our no-moat rating because there is no fundamental change in the competitive positioning of the business, and we hold our fair value estimate at GBX 570 per share. Growth in operating profit was driven by U.K. life, fund management and digital plus the three-month contribution from Friends Life. Headwinds were higher natural catastrophe and...
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Stephen Ellis
Near-term growth will be limited, but we think the new Aviva will be a...
Aviva reported strong first-half results with operating profit of GBP 1,325 million, ahead of consensus estimates of GBPÂ 1,306 million. We plan to maintain our no-moat rating because there is no fundamental change in the competitive positioning of the business, and we hold our fair value estimate at GBX 570 per share. Growth in operating profit was driven by U.K. life, fund management and digital plus the three-month contribution from Friends Life. Headwinds were higher natural catastrophe and...
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