reports
- Henry Heathfield
- CFA
Aviva’s digital and fund-management efforts are building a stronger ...
We believe Aviva’s announcement that it will sell its Taiwan business to its joint-venture partner is driving a more focused business, with an emphasis on U.K., European, and Canadian markets. We maintain our no-moat rating and our GBX 575 fair value estimate. Aviva is still a business in turnaround, though at the latter stages of its transformation. Management has spent time strengthening core units through the deployment of technology that has enabled the business to scale upon accumulation ...
- Henry Heathfield
- CFA
Aviva's Taiwan Exit Continues to Drive a More Focused Business
We believe Aviva’s announcement that it will sell its Taiwan business to its joint-venture partner is driving a more focused business, with an emphasis on U.K., European, and Canadian markets. We maintain our no-moat rating and our GBX 575 fair value estimate. Aviva is still a business in turnaround, though at the latter stages of its transformation. Management has spent time strengthening core units through the deployment of technology that has enabled the business to scale upon accumulation ...
- Henry Heathfield
- CFA
Aviva's More Specialized Asset Management Continues to Grow in 1H
Aviva reported first-half net profit of GBX 716 million, slightly below our expectations. The results demonstrate that Aviva is continuing to make progress in its asset management division as well as proving that historical problems are behind it, despite some headwinds in Canada for the first half. We maintain our GBX 575 fair value estimate and no-moat rating. The asset management division continues to gain traction as the unit focuses on outcome-oriented funds and building external fund flow...
- Henry Heathfield
- CFA
Revision of Ogden Method Is Neutral for Aviva
We believe the recent announcement regarding the planned reforms of the Ogden discount rate is neutral for Aviva. We will maintain our GBP 5.75 fair value estimate and no-moat rating. Following the U.K. government’s decision to revise the Ogden discount rate from 2.5% to negative 0.75% in February, car insurance premiums in the United Kingdom have increased on average by around 20%. The majority of this increase to a comprehensive policy costing around GBP 850 is predominantly due to the highe...
- Henry Heathfield
Aviva’s digital and fund-management efforts are building a stronger ...
Aviva reported a very strong set of full-year 2016 results, confirming that its turnaround efforts are well under way. We are maintaining our GBX 570 fair value estimate and no-moat rating. Aviva reported strong performance across all metrics. Operating profit was up 12% to GBX 3 billion, which led to a corresponding 12% increase in the dividend. The payout ratio is subsequently up to over 45% and well on its way to the 50% target payout ratio. The capital position of the business is up to just ...
- Stephen Ellis
Aviva reports very strong set of full year 2016 results
Aviva reported a very strong set of full-year 2016 results, confirming that its turnaround efforts are well under way. We are maintaining our GBX 570 fair value estimate and no-moat rating. Aviva reported strong performance across all metrics. Operating profit was up 12% to GBX 3 billion, which led to a corresponding 12% increase in the dividend. The payout ratio is subsequently up to over 45% and well on its way to the 50% target payout ratio. The capital position of the business is up to just ...
- Stephen Ellis
U.K. ILS Proposals May Be a Boon for Aviva
The U.K. government’s proposed insurance-linked securities regulations could help the London Insurance market and reduce the complexity of reinsurance. These securities allow investors to pass on more easily measurable weather-related risks to pension funds. There are hopes that the scope of ILS vehicles could be expanded beyond this to more unusual risks such as terror attacks and cyber risks. We plan to maintain our no-moat rating and fair value estimate of GBX 570 per share for Aviva. The b...
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