Aviva Launches Delta Lloyd IPO, Values Firm At EUR2.6 Billion-EUR3.1 Billion

Aviva PLC (AV.LN), the FTSE100-listed insurance company, said Monday it has launched the initial public offering of Delta Lloyd on Euronext Amsterdam at EUR15.50 to EUR19.00 per ordinary share, which values Delta Lloyd at EUR2.6 billion to EUR3.1 billion.

MAIN FACTS:

-Offering represents 42% of Delta Lloyd delivering gross proceeds to Aviva of around EUR1.2 billion

-Shares in Delta Lloyd expected to begin trading on Nov. 3

-Offering will comprise up to 63.50 million ordinary shares and an over-allotment option of up to 6.35 million ordinary shares.

-Offer price will be determined through a book-building process.

-Aviva will remain the majority shareholder with 53% of Delta Lloyd's voting rights, after the IPO and will continue to consolidate Delta Lloyd in its financial statements.

-No new ordinary shares will be issued by Delta Lloyd as part of the Offering.

-Aviva and Delta Lloyd have agreed to a 'lock-up' for a period of 180 days from the first trading date.

-Delta Lloyd life new business sales for the nine months were GBP2.8 billion (Sept. 30, 2008: GBP3.2 billion), a reduction of 12% compared with the previous year.

-Delta Lloyd's overall net loss for the nine months to Sept. 30 was in excess of GBP88 million (EUR100 million).

-By London Bureau, Dow Jones Newswires; Contact Ian Walker; [phone]; [e-mail]