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BRIEF-Aviva to deploy 3 bln stg in excess cash 2018, 2019
November 30, 2017 / 7:08 AM / 14 days ago

BRIEF-Aviva to deploy 3 bln stg in excess cash 2018, 2019

Nov 30 (Reuters) - Aviva Plc:

* AVIVA UPGRADES GROWTH, CASH AND DIVIDEND TARGETS*

* ‍GROWTH: TARGETING HIGHER THAN MID-SINGLE DIGIT PERCENTAGE GROWTH ANNUALLY IN IFRS OPERATING EARNINGS PER SHARE FROM 2019​

* ‍CASH: REMITTANCE TARGET INCREASED FROM £7 BILLION TO £8 BILLION, ALLOWING AVIVA TO DEPLOY £3 BILLION OF EXCESS CASH OVER 2018 AND 2019​

* ‍THIS IS EXPECTED TO BE USED TO REPAY £900 MILLION OF DEBT IN 2018 AND FUND BOLT-ON ACQUISITIONS AND ADDITIONAL RETURNS TO INVESTORS​

* ‍DIVIDEND: PAY-OUT RATIO TARGET INCREASED TO 55-60% OF OPERATING EPS BY 2020​

* ‍WE ARE RAISING OUR EXPECTATIONS FOR EARNINGS GROWTH TO MORE THAN 5% ANNUALLY FROM 2019 ONWARDS​

* ‍EXCESS CASH, £2 BILLION OF WHICH WE PLAN TO DEPLOY NEXT YEAR​

* ‍IN 2018 WE EXPECT TO USE OUR EXCESS CASH TO PAY DOWN £900 MILLION OF EXPENSIVE DEBT, RETURN CAPITAL TO INVESTORS AND INVEST IN GROWING OUR BUSINESS​ Source text for Eikon: Further company coverage:

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