AVIVA & DELTA LLOYD CONFIRM I

RNS Number : 2070A

Aviva PLC

05 October 2009

 



NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA

5 October 2009

AVIVA AND DELTA LLOYD CONFIRM INTENTION TO IPO DELTA LLOYD

• Delta Lloyd to list on Euronext Amsterdam

• Aviva to sell a minority of its shares in Delta Lloyd

• IPO expected to complete in November 2009 

Further to the announcement made on 6 August 2009, Aviva plc ('Aviva') and Delta Lloyd N.V. ('Delta Lloyd') confirm their intention to proceed with a listing and Initial Public Offering ('IPO') of Delta Lloyd on Euronext Amsterdam, subject to market conditions. As part of the IPO, Aviva would sell a minority of its holding in Delta Lloyd.

The IPO of a minority shareholding in Delta Lloyd would have benefits for both Aviva shareholders and Delta Lloyd. For Aviva, an IPO would bring the flexibility to pursue balance sheet restructuring opportunities or to explore other opportunities for growth. Aviva would also benefit from the enhanced value and liquidity of the retained stake. Delta Lloyd would benefit from a new shareholder base supportive of the company's growth ambitions in the Benelux region, and a public listing would help to better position Delta Lloyd ahead of anticipated consolidation in the Netherlands and Belgium. 

More information about the proposed transaction will be included in the prospectus, which is expected to be published during October.  On this basis, the IPO would be completed in November.

About Delta Lloyd

• The Delta Lloyd Group is a financial services provider offering life insurance, general insurance, fund management and banking products and services with its core markets being the Netherlands and Belgium, and mainly operates under the brand names of Delta Lloyd, OHRA and ABN AMRO Insurance. 

• As of 30 June 2009, Delta Lloyd's group MCEV on Delta Lloyd's basis was €4.1 billion (net of minorities), which includes life MCEV of €4.3 billion (gross of minorities).

• This MCEV information has been prepared by Delta Lloyd on a different basis to that reported by Aviva in its consolidated financial statements, primarily reflecting Delta Lloyd's use of an alternative discount rate curve to value the majority of its life insurance liabilities. 

• Delta Lloyd reported gross written premiums for the six months ended 30 June 2009 of €2.8 billion (12 months ended 31 December 2008: €5.9 billion). Total assets were €63.1 billion as of 30 June 2009.

This announcement does not constitute a prospectus or an offer or invitation to purchase securities. Any offer to acquire securities pursuant to any proposed offering will be made, and any potential investor should make his investment, solely on the basis of information that will be contained in the prospectus to be made generally available in The Netherlands in connection with such offering. When made generally available, copies of the prospectus may be obtained at no cost from the Company or through the website of Euronext Amsterdam (Dutch residents only).

These materials are not an offer of securities for sale in the United States. The securities to which these materials relate have not been registered under the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will be no public offering of the securities in the United States.

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Enquiries:

Media
Sue Winston, head of group media relations	[phone]
Hayley Stimpson, external affairs director	[phone]
Vanessa Rhodes, senior group media relations manager	[phone]
Conor McClafferty, Finsbury	[phone]
Analysts
Charles Barrows, investor relations director	[phone]
Susie Yeoh, investor relations manager	[phone]

 

 

Notes to editors:

• Aviva is the world's fifth largest* insurance group, serving 50 million customers across Europe, North America and Asia Pacific. 

• Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £51.4 billion and funds under management of £381 billion at 31 December 2008.  

• We are the largest insurance services provider in the UK and one of the leading providers of life and pension products in Europe.  

• The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.

• For broadcast-standard video, please visit www.thenewsmarket.com/aviva.  

*based on gross worldwide premiums at 31 December 2008

 

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