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Aviva

DB:GU8E
Snowflake Description

Undervalued average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GU8E
DB
£16B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

Aviva plc provides various insurance and savings products primarily in the United Kingdom, rest of Europe, North America, and South-East Asia. The last earnings update was 118 days ago. More info.


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GU8E Share Price and Events
7 Day Returns
-1.6%
DB:GU8E
0.5%
DE Insurance
-0.7%
DE Market
1 Year Returns
-15.1%
DB:GU8E
21.2%
DE Insurance
-7.6%
DE Market
GU8E Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aviva (GU8E) -1.6% 1.6% -4.1% -15.1% 1.2% -26.5%
DE Insurance 0.5% 2.1% 2.1% 21.2% 63% 61.1%
DE Market -0.7% -0.8% -3.8% -7.6% 8.2% 11.1%
1 Year Return vs Industry and Market
  • GU8E underperformed the Insurance industry which returned 21.2% over the past year.
  • GU8E underperformed the Market in Germany which returned -7.6% over the past year.
Price Volatility
GU8E
Industry
5yr Volatility vs Market

GU8E Value

 Is Aviva undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aviva to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aviva.

DB:GU8E Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= £4.62 * 14.1%
£0.65
Book Value of Equity per Share Weighted future Book Value estimates from 9 analysts. £4.62
Discount Rate (Cost of Equity) See below 6.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:GU8E
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.685 (1 + (1- 19%) (57.8%))
1.004
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.004 * 6.65%)
6.9%

Discounted Cash Flow Calculation for DB:GU8E using Excess Returns Model Model

The calculations below outline how an intrinsic value for Aviva is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:GU8E Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (14.1% – 6.9%) * £4.62)
£0.33
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= £0.33 / (6.9% - 0.23%)
£4.98
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= £4.62 + £4.98
£9.6
DB:GU8E Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:GU8E represents 2.22301x of LSE:AV.
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
2.22301x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 9.60 x 2.22301
€21.34
Value per share (EUR) From above. €21.34
Current discount Discount to share price of €9.25
= -1 x (€9.25 - €21.34) / €21.34
56.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Aviva is available for.
Intrinsic value
>50%
Share price is €9.25 vs Future cash flow value of €21.34
Current Discount Checks
For Aviva to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aviva's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aviva's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aviva's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aviva's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:GU8E PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GBP £0.38
LSE:AV. Share Price ** LSE (2019-07-22) in GBP £4.16
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 13.38x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.75x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aviva.

DB:GU8E PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:AV. Share Price ÷ EPS (both in GBP)

= 4.16 ÷ 0.38

10.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aviva is good value based on earnings compared to the DE Insurance industry average.
  • Aviva is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Aviva's expected growth come at a high price?
Raw Data
DB:GU8E PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
8.6%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.16x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

DB:GU8E PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.88x ÷ 8.6%

1.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aviva is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Aviva's assets?
Raw Data
DB:GU8E PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GBP £4.43
LSE:AV. Share Price * LSE (2019-07-22) in GBP £4.16
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.09x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.71x
DB:GU8E PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:AV. Share Price ÷ Book Value per Share (both in GBP)

= 4.16 ÷ 4.43

0.94x

* Primary Listing of Aviva.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aviva is good value based on assets compared to the DE Insurance industry average.
X
Value checks
We assess Aviva's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Aviva has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GU8E Future Performance

 How is Aviva expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aviva expected to grow at an attractive rate?
  • Aviva's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Aviva's earnings growth is positive but not above the Germany market average.
  • Aviva's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:GU8E Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:GU8E Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 8.6%
DB:GU8E Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 18.4%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.6%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:GU8E Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:GU8E Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,330
2022-12-31 2,203
2021-12-31 43,384 2,047 4
2020-12-31 43,176 1,951 5
2019-12-31 41,685 1,767 6
DB:GU8E Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-31 22,338 5,958 1,515
2018-09-30 25,841 5,565 1,320
2018-06-30 29,343 5,171 1,125
2018-03-31 32,242 6,456 1,270
2017-12-31 35,141 7,741 1,415
2017-09-30 35,527 8,105 1,269
2017-06-30 35,912 8,469 1,123
2017-03-31 38,032 6,608 871
2016-12-31 40,151 4,747 618
2016-09-30 36,610 3,904 570
2016-06-30 33,068 3,061 521
2016-03-31 27,027 3,908 692

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aviva's earnings are expected to grow by 8.6% yearly, however this is not considered high growth (20% yearly).
  • Aviva's revenue is expected to grow by 18.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:GU8E Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Aviva Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GU8E Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.59 0.59 0.59 1.00
2022-12-31 0.56 0.56 0.56 1.00
2021-12-31 0.59 0.73 0.52 7.00
2020-12-31 0.55 0.70 0.47 8.00
2019-12-31 0.49 0.62 0.43 8.00
DB:GU8E Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-31 0.38
2018-09-30 0.33
2018-06-30 0.28
2018-03-31 0.32
2017-12-31 0.35
2017-09-30 0.31
2017-06-30 0.28
2017-03-31 0.21
2016-12-31 0.15
2016-09-30 0.14
2016-06-30 0.13
2016-03-31 0.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Aviva is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Aviva's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aviva has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GU8E Past Performance

  How has Aviva performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aviva's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aviva's year on year earnings growth rate has been positive over the past 5 years.
  • Aviva's 1-year earnings growth is less than its 5-year average (7.1% vs 7.4%)
  • Aviva's earnings growth has not exceeded the DE Insurance industry average in the past year (7.1% vs 9.4%).
Earnings and Revenue History
Aviva's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aviva Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GU8E Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 22,338.00 1,515.00 22.00
2018-09-30 25,840.50 1,320.00 24.00
2018-06-30 29,343.00 1,125.00 26.00
2018-03-31 32,242.00 1,270.00 25.00
2017-12-31 35,141.00 1,415.00 24.00
2017-09-30 35,526.50 1,269.00 26.00
2017-06-30 35,912.00 1,123.00 28.00
2017-03-31 38,031.50 870.50 28.50
2016-12-31 40,151.00 618.00 29.00
2016-09-30 36,609.50 569.50 28.00
2016-06-30 33,068.00 521.00 27.00
2016-03-31 27,026.50 691.50 26.00
2015-12-31 20,985.00 862.00 25.00
2015-06-30 28,292.00 1,132.00 15.00
2015-03-31 32,038.00 1,278.50 14.00
2014-12-31 35,784.00 1,425.00 13.00
2014-06-30 31,932.00 1,081.00 27.00
2014-03-31 29,500.00 864.50 23.50
2013-12-31 27,068.00 648.00 20.00
2013-09-30 38,442.50 651.50 -9.50
2013-06-30 34,539.00 -55.00 19.00
2013-03-31 36,917.50 -190.50 19.00
2012-12-31 43,146.00 -86.00
2012-09-30 35,394.00 -135.00 -35.50

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aviva has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aviva used its assets less efficiently than the DE Insurance industry average last year based on Return on Assets.
  • Aviva has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aviva's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aviva has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GU8E Health

 How is Aviva's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aviva's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aviva is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aviva's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Aviva's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 8.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aviva Company Filings, last reported 6 months ago.

DB:GU8E Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 18,455.00 9,420.00 51,478.00
2018-09-30 18,455.00 9,420.00 51,478.00
2018-06-30 18,340.00 9,786.00 44,443.00
2018-03-31 18,340.00 9,786.00 44,443.00
2017-12-31 19,135.00 10,286.00 48,847.00
2017-09-30 19,135.00 10,286.00 48,847.00
2017-06-30 19,333.00 10,338.00 42,456.00
2017-03-31 19,333.00 10,338.00 42,456.00
2016-12-31 19,551.00 10,295.00 44,827.00
2016-09-30 19,551.00 10,295.00 44,827.00
2016-06-30 19,311.00 9,681.00 34,911.00
2016-03-31 19,311.00 9,681.00 34,911.00
2015-12-31 18,270.00 11,141.00 37,005.00
2015-06-30 17,818.00 10,096.00 33,186.00
2015-03-31 17,818.00 10,096.00 33,186.00
2014-12-31 12,276.00 10,116.00 27,194.00
2014-06-30 11,553.00 6,944.00 23,584.00
2014-03-31 11,553.00 6,944.00 23,584.00
2013-12-31 11,017.00 8,312.00 26,131.00
2013-09-30 11,017.00 9,286.00 26,057.00
2013-06-30 11,364.00 8,254.00 25,075.00
2013-03-31 11,364.00 8,254.00 25,075.00
2012-12-31 11,360.00 9,699.00 24,692.00
2012-09-30 11,360.00 9,699.00 24,692.00
  • Aviva's level of debt (51%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (75.3% vs 51% today).
  • Debt is well covered by operating cash flow (63.2%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Aviva's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aviva has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GU8E Dividends

 What is Aviva's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.21%
Current annual income from Aviva dividends. Estimated to be 8.08% next year.
If you bought €2,000 of Aviva shares you are expected to receive €144 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Aviva's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • Aviva's dividend is above the markets top 25% of dividend payers in Germany (3.92%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:GU8E Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:GU8E Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.36 2.00
2022-12-31 0.35 2.00
2021-12-31 0.35 15.00
2020-12-31 0.33 16.00
2019-12-31 0.32 16.00
DB:GU8E Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-05-23 0.300 7.194
2018-08-02 0.283 6.594
2018-03-08 0.274 5.361
2017-05-10 0.233 4.529
2016-08-04 0.215 4.548
2016-03-10 0.208 4.941
2015-08-06 0.190 4.010
2015-03-05 0.181 3.416
2014-08-07 0.153 2.964
2014-03-06 0.150 2.955
2013-08-08 0.112 2.591
2013-03-07 0.190 5.752
2012-03-21 0.260 8.062
2012-03-08 0.260 7.093
2011-03-24 0.255 7.154
2011-03-02 0.255 5.680
2010-03-04 0.240 6.295
2010-03-03 0.240 6.233
2009-08-06 0.289 7.257
2008-11-06 0.330 10.631
2008-07-30 0.342 7.798

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Aviva's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Aviva's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aviva afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aviva has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GU8E Management

 What is the CEO of Aviva's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Maurice Tulloch
COMPENSATION £2,195,000
AGE 50
TENURE AS CEO 0.3 years
CEO Bio

Mr. Maurice Ewen Tulloch, C.M.A. has been a Director of The Geneva Association since June 14, 2019. Mr. Tulloch has been Group Chief Executive Officer at Aviva Plc since March 04, 2019 and its Executive Director since June 20, 2017. Mr. Tulloch served as the Chief Executive of UK & Ireland General Insurance Business at Aviva plc since September 30, 2013 until June 1, 2016, its Chief Executive Officer of International Insurance from March 14, 2017 to March 04, 2019 and also serves as its Executive Chairman of Global General Insurance. He served as the Chief Executive Officer and President of Aviva Canada, Inc. from January 01, 2010 to September 30, 2013. He served as the President of Pilot Insurance Company of Aviva Canada Inc. since July 12, 2006. He has responsibility for leading Aviva’s largest general insurance business. He served as Senior Vice President of Traders General Insurance Company and Elite Insurance Company, both members of the Aviva Canada group, where he has successfully pursued a growth strategy for the business unit through the development of a strong team and broker relationships. He joined Aviva in 1992. He joined Group Executive in July 2012. He served as an Executive Vice President and Chief Operating Officer, Aviva Ontario and specialty distribution where he held several senior management positions in the Group. He gained international experience when he was on secondment in London, England working as Business Manager to Richard Harvey, Group Chief Executive Officer of Aviva plc. Upon his return to Canada in 2002, he held the position of Vice President of Total Incident Management in the Claims operation. He was the Chairman of AVIVA France SA from March 02, 2017 to 2019. He was Chair of the Insurance Bureau of Canada (IBC), Chair of the Property & Casualty Insurance Compensation Corporation (PACICC) Board, Chair of the Insurance Institute of Canada (IIC) Board and a Member of the General Insurance Statistical Agency (GISA) Board. He was Vice Chairman at AvivaSA Emeklilik ve Hayat Anonim Sirketi since 2017 until May 2019. He was Chair of Climatewise. He is a Member of the Insurance Development Forum (IDF). He is a Member of IBC’s National Auto Insurance Committee, GISA’s Executive Committee and Statistical Plan Committee, Toronto Financial Services Alliance (TFSA) Leadership Council Committee and the Financial Services Commission of Ontario (FSCO) CEO Advisory Committee. He is a Chartered Professional Accountant (CPA, CMA) and holds a Master’s in business administration (MBA) from Heriot-Watt University in Edinburgh and a BA in Economics from the University of Waterloo.

CEO Compensation
  • Maurice's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Maurice's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Aviva management team in years:

0.7
Average Tenure
53
Average Age
  • The average tenure for the Aviva management team is less than 2 years, this suggests a new team.
Management Team

Maurice Tulloch

TITLE
Group CEO & Executive Director
COMPENSATION
£2M
AGE
50
TENURE
0.3 yrs

Tom Stoddard

TITLE
Executive Officer
COMPENSATION
£2M
AGE
53
TENURE
0.1 yrs

Andy Briggs

TITLE
Executive Officer
COMPENSATION
£2M
AGE
53
TENURE
0.3 yrs

Jason Windsor

TITLE
CFO of Aviva UK Insurance & Interim CFO
AGE
47

Nick Maganbhai Amin

TITLE
Group Chief Operations & IT Officer
AGE
63
TENURE
5.5 yrs

Christopher Esson

TITLE
Group Investor Relations Director

Kirsty Cooper

TITLE
Group General Counsel & Company Secretary
AGE
55
TENURE
8.6 yrs

Sue Winston

TITLE
Head of Corporate Reputation & Online Communications

Roy Tooley

TITLE
Head of Secretariat - Corporate

Caroline Prendergast

TITLE
Interim Chief People Officer
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Aviva board of directors in years:

4.1
Average Tenure
60
Average Age
  • The tenure for the Aviva board of directors is about average.
Board of Directors

Adrian Montague

TITLE
Non- Executive Chairman
COMPENSATION
£638K
AGE
71
TENURE
4.3 yrs

Maurice Tulloch

TITLE
Group CEO & Executive Director
COMPENSATION
£2M
AGE
50
TENURE
2.1 yrs

Guillermo de la Dehesa Romero

TITLE
Chairman of Aviva Spain
COMPENSATION
£109K
AGE
78

Glyn Barker

TITLE
Senior Independent Director
COMPENSATION
£171K
AGE
66
TENURE
2.2 yrs

Patricia Cross

TITLE
Independent Non-Executive Director
COMPENSATION
£128K
AGE
60
TENURE
5.6 yrs

Belén García

TITLE
Independent Non-Executive Director
COMPENSATION
£115K
AGE
54
TENURE
4.1 yrs

Claudia Arney

TITLE
Independent Non-Executive Director
COMPENSATION
£157K
AGE
48
TENURE
3.4 yrs

Michael Mire

TITLE
Independent Non-Executive Director
COMPENSATION
£119K
AGE
71
TENURE
5.8 yrs

Patrick Flynn

TITLE
Independent Non Executive Director
AGE
59
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Aviva's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aviva has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GU8E News

Simply Wall St News

GU8E Company Info

Description

Aviva plc provides various insurance and savings products primarily in the United Kingdom, rest of Europe, North America, and South-East Asia. The company offers life insurance, long term health and accident insurance, savings, pension, and annuity products; and lifetime mortgage products. It also provides insurance cover to individuals, and small and medium-sized businesses for risks associated primarily with motor vehicles and medical expenses, as well as property and liability, such as employers’ and professional indemnity liabilities. In addition, the company offers retirement income, home, motor, travel, commercial, private medical, critical illness, and income protection insurance products. Further, it provides investment management services for institutional pension fund mandates; and manages various retail investment products, including investment funds, unit trusts, open-ended investment companies, and individual savings accounts for third-party financial institutions, pension funds, public sector organizations, investment professionals, and private investors. The company markets its products through a network of insurance brokers, as well as MyAviva, an online platform. The company was formerly known as CGNU plc and changed its name to Aviva plc in July 2002. Aviva plc was founded in 1696 and is headquartered in London, the United Kingdom.

Details
Name: Aviva plc
GU8E
Exchange: DB
Founded: 1696
£18,136,649,440
3,916,542,871
Website: http://www.aviva.com
Address: Aviva plc
St Helen’s,
1 Undershaft,
London,
Greater London, EC3P 3DQ,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE AV. Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK AIVA.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB GU8 Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BATS-CHIXE AVL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
OTCPK AVVI.Y SPON ADR EA REPR 2 ORD SHS GBP0.25 Pink Sheets LLC US USD 19. Oct 2009
DB GU8E SPON ADR EA REPR 2 ORD SHS GBP0.25 Deutsche Boerse AG DE EUR 19. Oct 2009
Number of employees
Current staff
Staff numbers
31,703
Aviva employees.
Industry
Multi-line Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 21:20
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2019/07/22
Last earnings filing: 2019/03/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.