Cheers Eamonn9 Jul 2014 20:07
Aviva (AV
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) was another faller, dropping 19.5p, or 3.8%, to 493p after the insurer’s plans to turnaround its performance failed to impress investors.
Aviva announced plans to double annual excess cashflow to £800 million by the end of 2016 and cut operating expenses to less than half operating income over the same period, together with accelerating growth at its fund management arm Aviva Investors. But investors judged the targets did not go far enough. ‘These are good targets but we do not see them as overly challenging, in the sense that Prudential’s have been in the past few years,’ said Eamonn Flanagan, analyst at Shore.