Aviva set for partial float of Dutch arm to raise £800m
INSURANCE giant Aviva is set to float part of its Dutch subsidiary, Delta Lloyd, in November, the Financial Sunday Express has learned.
It is thought Aviva could raise up to £800 million through the partial flotation of Delta Lloyd, which would take place on Amsterdam’s Euronext stock exchange.
The partial float of insurer Delta Lloyd would bring in much-needed capital for Aviva.
The company is being advised by Morgan Stanley.
Additionally, Aviva has warned some of the approximately £10 billion worth of commercial mortgages it uses to finance payments to its annuity customers are likely to go bad.
Speaking at a conference last week, Aviva chief financial officer, Europe, Tim Harris said the insurer expects to see some defaults within its mortgage portfolio.