Aviva, the world’s fifth largest insurance group*, starts trading today on the New York Stock Exchange (“NYSE”) under the ticker symbol “AV”. Andrew Moss, group chief executive, will ring the Opening Bell at the NYSE to mark Aviva’s first day of trading accompanied by Lord Sharman of Redlynch, chairman of Aviva.
Aviva has established a level two American Depositary Receipt programme in conjunction with Citibank. Each Aviva ADR represents two Aviva ordinary shares. No new Aviva ordinary shares will be issued in connection with the listing and Aviva will retain its current primary listing on the London Stock Exchange.
Over 20% of Aviva’s shareholders are in the US and the listing gives Aviva further access to a wider potential shareholder base and provides US investors with a more convenient and cost efficient means to hold Aviva’s shares.
Aviva has established a competitive position in North America. In the US, the world’s largest savings market, Aviva is the leading provider of indexed annuity and indexed life insurance products. The company is also the second largest property and casualty insurer in Canada. The listing will give further momentum to Aviva’s brand in the US as it looks to grow retirement savings and insurance products, accelerate life insurance sales and benefit from the country’s attractive demographics over time.
Aviva has completed the preparations for listing as part of its ongoing global finance programme. This enhances Aviva’s financial processes, controls and risk management frameworks, bringing with it Sarbanes-Oxley compliance and broader risk management benefits for the group.
Andrew Moss, group chief executive, commented: “Listing on the New York Stock Exchange is an important development for Aviva. The US is the largest savings market in the world and represents a major growth opportunity for us over the long term. Listing now is a natural step as more than 20% of our shareholders are in the US and we expect that number to increase.”
* based on gross worldwide premiums at 31 December 2008
