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(Bloomberg) — Aviva is selling its stake in Singapore Life Holdings as the insurer continues to trim its portfolio around the world. Chief Executive Officer Amanda Blanc has refocused the firm on the UK, Ireland and Canada in recent years, selling off various units in other markets as it sought to boost shareholder returns. Still, Aviva’s shares have barely budged since Blanc took the helm three years ago.
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Key Business News
Aviva Plc: The company agreed to sell its 25.9% stake in Singapore Life to Sumitomo Life for a total consideration of £0.8 billion. In 2022, Singlife contributed £17 million to Aviva’s operating profit.
BAE Systems Plc: The defence company will build fighter-jet helmets featuring an augmented reality display and night-vision for the Royal Air Force as recent conflicts across the world spur the UK to modernise its armed forces.
GDP: The UK economy shrank at the quickest pace in seven months as dull weather held back spending and strikes hit the public sector, unwinding the strength of the previous month.
What’s Next?
Thursday will see results from trading platform IG Group Holdings Plc, ticket-seller Trainline Plc, and online retailer THG Plc.
THG’s surprise acquisition of the City AM newspaper in July was a “slip back into old habits of cash burn,” said Bloomberg Intelligence analyst Tatiana Lisitsina. Tomorrow, investors will likely focus on any progress THG is making toward achieving its medium-term profitability target.
Big Read
The abrupt resignation of BP Plc chief Bernard Looney marks the loss of an executive who pushed for a transition to clean energy more aggressively than any of his industry peers, with mixed results. Read more analysis here.
Key Headlines
- Arm Is Said to Expect to Price IPO at Top End of Range or Higher
- UK’s Lower Birth Rate Set to Boost Household Living Standards
- Apple iPhone Price Bump Part of Subtle Revenue-Boosting Strategy
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
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