Aviva, the life, pensions and general insurer created 22 years ago from Commercial Union, General Accident and Norwich Union, is certainly going places. The question for its 500,000 shareholders is, where?
Yesterday they were bowled over with a return of capital, higher dividend, a takeover — and a 10 per cent fall in operating profits.
Somehow there was no room in the message from the chief executive, Amanda Blanc, for that last item, which she blames on discontinued operations. That was lost in “a year of significant strategic progress”, so memorable that she is giving £22 million of shares to the employees as a thank you. Shareholders are collecting £4.75 billion from disposals in the past year.
Arguably more significant for the long term
