Aviva Share Discussion Threads

[karv1] 30/11/2020 12:40

Article 3 years old. One actuary believes George’s contract alone could cost Aviva at least €1.22billion over his lifetime – and if the firm is forced to expand the range of investments covered, the cost could even hit €5billion.

His Paris lawyer Nicolas Lecoq-Vallon said he has ‘about 50’ clients also suing Aviva, some of whose holdings are as large as George’s.
........The Independent 2015 When the internet started to speed up the transmission of price changes in the nineties, Aviva France tried to sneak in new terms. It offered investors the equivalent of £10 to sign new papers. Almost all the contract holders did, apart from George.

He has switched investments and added more money to the pot while watching his fortune grow exponentially over time. “I don’t want money, I just want my contract,” George told the FT
//// my view
Would that suggest that he could add funds?

If there was a limit written into the contract would av have won already or just paid up?
All I have seen on news is AV has tried to get out of it in the courts and I have not seen a single win for AV though a lot of the stories do seem to be a few years old.
Would A new owner of AV France not take on these unlimited liabilities?

[wba1] 30/11/2020 12:33

riverman77; I would assume the right to backdate investments (or transfers in such cases) is limited to the transfer of existing funds within the contract and cannot be supplemented by new funds (still a very attractive prospect). I may be wrong. Does anyone know?

[woodhawk] 30/11/2020 12:18

"An Aviva spokesman said: ‘The numbers being quoted are utter fantasy. Aviva France is appropriately provisioned, its reserves are audited and reviewed annually. "

[riverman77] 30/11/2020 12:18

What's to stop some hedge fund providing capital to the owner of this golden ticket and putting billions of pounds of trades through? Could bankrupt the company.

[mo123] 30/11/2020 11:54

Sold mine. Too much uncertainty surrounding these golden tickets. Good luck to those who hold on.

[cjac39] 30/11/2020 11:18

it does trouble me that they haven't resolved the golden tickets. its not just the young guy - i understood there are many of these. i listened to the analyst qn and JW answer to it and i thought he batted it away rather than answered it was fully provisioned.

I've seen some maths around this thing and it is toxic for sure. however i always thought if they wanted to they could try and isolate it from the wider business and then make them a reasonable offer to take it out or else threaten to tip the co over. not very common in insurance to do this but these contracts could swamp the value of Av in aggregate in theory let alone in France.

[mo123] 30/11/2020 10:01

JEFFERIES ups AV target 400 (350) - 'BUY'
BoA ups AV target 375 (360) - 'NEUTRAL'

[whatsup32] 30/11/2020 09:47

're Times article "golden ticket"

Jason Wilson CFO Aviva stated
" we are appropriately provisioned"

[karv1] 30/11/2020 09:23

I have sold GL all. I will probably trade it but long term I can not get my head around the direction AV is going in.

[woodhawk] 30/11/2020 09:16

My pleasure, eurofox! In any event, I think I'm going to be rather pleased with my substantial investment in Aviva over the next 2-3 years.

[eurofox] 30/11/2020 09:14

very funny woodhawk

[cl0ckw0rk0range] 30/11/2020 09:06

Buy low sell high.Cough cough cough.

[woodhawk] 30/11/2020 09:02

A "cours connu" is clearly nothing unusual - there are thousands on these boards who seem to have this ability (according to them)!

[spud] 30/11/2020 08:59

The nearest thing to a Stockmarket time machine:Mr George, 31, has an extraordinary contract, known as a cours connu, which gives him the right to place bets on positive market movements a week after they have happened. The contract, which is for life, has been likened to the golden ticket in Roald Dahlâs Charlie and the Chocolate Factory, and effectively represents a guaranteed win for its owner.Oh I wish....! spud

[cl0ckw0rk0range] 30/11/2020 08:57

"Potential block""He said that he was not trying to thwart the sale"

[mo123] 30/11/2020 08:43

The new boss of Aviva faces a potential block in her efforts to offload the insurer’s French business after a row broke out with a policyholder over a contract that could carry liabilities of up to €1 billion.

However, the planned sale, which Ms Blanc announced to shareholders last week, has prompted an intervention by Max-Hervé George, who has been an Aviva policyholder in France for more than 20 years.

Mr George, 31, has an extraordinary contract, known as a cours connu, which gives him the right to place bets on positive market movements a week after they have happened.

[karv1] 30/11/2020 08:37

I can not see the times articles roughly what does it say?

[spud] 30/11/2020 08:24

Full transcript:Aviva PLC Aviva completes sale of Aviva SingaporeSource: UK Regulatory (RNS & others)TIDMAV.RNS Number : 8908GAviva PLC30 November 202030 November 2020Aviva completes sale of majority shareholding in Aviva SingaporeAviva plc ("Aviva") today announces that it has completed the sale of a majority shareholding in Aviva Singapore to a consortium led by Singapore Life Ltd ("Singlife"). The business has been renamed as Aviva Singlife Holdings Pte Ltd ("Aviva Singlife").Aviva received SGD 2.7 billion of total consideration, which is comprised of SGD 2.0 billion(1) (GBP1.1 billion(2) ) of cash and marketable securities, SGD 250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife.As stated in the Q3 announcement, the cash proceeds will be used to support Aviva's debt reduction target.This is the third transaction Aviva has completed so far this year and follows the recent announcement of the sale of our entire shareholding in Aviva Vita S.p.A., an Italian life insurance joint venture. Aviva continues to work at pace, taking decisive actions on its portfolio to transform the company for the benefit of its shareholders.The sale of Aviva Singapore was announced on 11 September 2020.Notes:1. Comprising SGD 1.7bn of cash, SGD 80m pre completion dividend and a SGD 260m debt capital instrument underwritten by Aviva on market terms with the intention to sell to external investors in due course.2. Conversion based on 30 September 2020 spot rate or hedged rate where applicable.spud

[cl0ckw0rk0range] 30/11/2020 08:01

Aviva received SGD 2.7 billion of total consideration, which is comprised of SGD 2.0 billion(1) (GBP1.1 billion(2) ) of cash and marketable securities, SGD 250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife.

[ayl30] 30/11/2020 07:21

https://www.thetimes.co.uk/article/golden-ticket-threat-to-avivas-french-sell-off-tgbgknjts?shareToken=dce890fda92a066ff6bf882b0a568986

[salver2] 30/11/2020 00:17

There’s a report on the golden ticket in today’s times

[adelwire2] 29/11/2020 22:19

850p will do for me!

[muscletrade] 29/11/2020 19:50

apologies for duplication.