Aviva the world’s fifth largest insurance group, announces today that it intends to list on the New York Stock Exchange (“NYSE”) and plans to commence trading on 20 October 2009. Aviva has completed the registration process with the Securities and Exchange Commission (“SEC”) and has received authorisation from NYSE to list.
- Aviva to list on New York Stock Exchange on 20 October 2009
- Supports Aviva’s significant US shareholder base (over 20% in the US)
- Enhances Aviva’s presence in the US long-term savings market
- No new share capital to be issued
Aviva will establish a level 2 American Depositary Receipt programme in conjunction with Citibank and will trade under the ticker symbol “AV”. 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; it gives US investors a more convenient and cost efficient means to hold Aviva’s shares and allows Aviva to attract and retain staff outside the UK through competitive incentive programmes.
Aviva has established a competitive position in the US, the world’s largest savings market, where it is the leading provider of indexed annuity and indexed life insurance products. The listing will give further momentum to Aviva’s brand in the US as it looks to capture growth in the retirement market, accelerate life insurance sales and benefit from the country’s attractive demographics over time.
Aviva has been able to complete 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: “The US is a strategically important market for Aviva. It is the largest savings market in the world and represents a significant growth opportunity for us over the long term. Listing now is a natural step for Aviva as more than 20% of our shareholders are in the US and we expect that number to increase.”
