Aviva to return £4bn to investors

The life, motor and home insurer, which employs 2,000 people at its life and general insurance business in York and 1,500 at its life and health insurance operation in Sheffield, said it had its best half year sales in general insurance in a decade and record flows into its savings and retirement business.

However, operating profits from continuing operations came in at £725m, below a company-provided consensus of £781m.

Aviva said it intended to return the capital by the end of the first half of 2022.

The firm's chief executive, Amanda Blanc, said: "While we've got more to do, our half-year results show we have what it takes to drive growth in our businesses."

Activist investor Cevian Capital has said Aviva should return £5bn of excess capital in 2022, after revealing it had built up a near 5 per cent stake in the British insurer.

Aviva has raised £7.5bn from selling eight businesses across the globe since the appointment of Ms Blanc as CEO in July 2020.

Aviva said it would pay an interim dividend of 7.35p per share, up 5 per cent, but below a forecast 7.37p.