Aviva to hand back another £3.75bn to shareholders despite a drop in earnings
The group saw underlying operating profits fall 28 per cent to £2.3bn as it sold off a raft of businesses.
It said with these stripped out, earnings from continuing operations were 10 per cent lower at £1.6bn, as a strong performance in its general insurance arm was offset by lower operating profit in the UK and Ireland life business.
Advertisement
Hide AdAdvertisement
Hide AdAviva announced the new tranche of share buybacks on top of a £1bn existing programme, meaning it will return £4.75bn to investors.


In further cheer for shareholders, it also said it would pay out a 14.7p a share final dividend for 2021 and disclosed aims to pay dividends of about £870m in 2022 and £915m in 2023.
It has come under pressure from activist investor Cevian, which has been pushing for £5bn in cash returns by the end of 2022.
Aviva also announced a deal on Wednesday to buy Succession Wealth for £385m to boost its presence in the fast-growing UK wealth market and expand its ability to offer financial advice to its six million pensions and savings customers.
Advertisement
Hide AdAdvertisement
Hide AdAmanda Blanc, group chief executive of Aviva, said: "2021 was a year of significant strategic progress, right across Aviva.
"We successfully completed the sale of eight non-core businesses, generating excellent value for our shareholders."
She said the firm was "delivering on our promise to shareholders" by returning more than £4bn.
---
Support The Yorkshire Post and become a subscriber today.
Your subscription will help us to continue to bring quality news to the people of Yorkshire. In return, you'll see fewer ads on site, get free access to our app and receive exclusive members-only offers.
Advertisement
Hide AdAdvertisement
Hide AdSo, please - if you can - pay for our work. Just £5 per month is the starting point. If you think that which we are trying to achieve is worth more, you can pay us what you think we are worth. By doing so, you will be investing in something that is becoming increasingly rare. Independent journalism that cares less about right and left and more about right and wrong. Journalism you can trust.
Thank you
James Mitchinson