Aviva in £300m share buyback as FY profits rise 9%

(Sharecast News) - UK insurance giant Aviva on Thursday unveiled a £300m share buyback and better-than-expected 9% rise in full-year earnings on a strong increase in general insurance premiums. Operating profit increase to £1.47bn, compared with forecasts of £1.43bn. General Insurance premiums were up 13% to £10.8bn.

Aviva added that it was setting a new target for operating profit of £2bn by 2026. The dividend was lifted 8% to 33.4p a share with renewed guidance of growth in the cash cost by mid-single digits.

Reporting by Frank Prenesti for Sharecast.com