19th Nov 2019 14:30
(Alliance News) - Insurer Aviva PLC has faced calls from a large group of dissatisfied shareholders to issue a long-term plan before the end of this week, Sky News reported on Tuesday.
The broadcaster reported that Investor Forum, whose members manages assets worth GBP21 trillion, urged the Aviva board to reduce its debts and address the difficulties it faces in its life insurance unit.
Investor Forum, a body which represents a group of institutional investors in UK equities, said it is representing the views of 15% of Aviva shareholders, Sky News reported.
Aviva Investors, the insurer's asset management arm, is one of roughly 50 members of Investor Forum, Sky News added.
https://news.sky.com/story/21trn-investor-group-demands-overhaul-at-aviva-11864824
The news came 24 hours before Aviva's capital markets day on Wednesday, and just a day after it shelved plans to sell its Singapore businesses.
The FTSE 100-listed insurance company said the move follows a "thorough" review of options for the Singapore business, including seeking offers for the business.
Also on Monday, Aviva confirmed that its joint venture in China will be retained, given the scale of the market, "excellent" relationship with its partner China Oil & Food Corp and the high growth prospects.
Aviva shares were 2.3% higher at 424.10 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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