May 1, 2018 / 6:04 AM / 20 days ago

BRIEF-Aviva announces 600 mln stg share buyback plan

May 1 (Reuters) - Aviva PLC:

* AVIVA PLC (“AVIVA”) ANNOUNCES THAT IT WILL COMMENCE A SHARE BUY-BACK OF ITS ORDINARY SHARES FOR UP TO A MAXIMUM AGGREGATE CONSIDERATION OF £600 MILLION.

* DIVIDEND YIELD ON AVIVA SHARES CURRENTLY STANDS AT 5.2%*, AND WITH DIVIDEND EXPECTED TO GROW FURTHER, BOARD BELIEVES A BUY-BACK IS A COMPELLING USE OF AVIVA’S EXCESS CAPITAL.

* AVIVA HAS ENTERED INTO AN AGREEMENT WITH CITIGROUP GLOBAL MARKETS LTD (‘CITIGROUP’) TO CONDUCT SHARE BUY-BACK PROGRAMME ON ITS BEHALF AND TO MAKE TRADING DECISIONS UNDER PROGRAMME INDEPENDENTLY OF AVIVA.

* PROGRAMME WILL COMMENCE ON 1 MAY 2018 AND WILL END NO LATER THAN 31 DECEMBER 2018.

* AVIVA HAS RECEIVED REGULATORY APPROVAL FOR BUY-BACK FROM PRA. Source text for Eikon: Further company coverage: (Reporting By Sinead Cruise)

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