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Aviva is trading at £4.91; the stock is down 2.6% since the insurer posted a £2.2 billion profit for 2013 in March. The company registered a £2.9 billion loss for 2012. Mark Wilson took over as CEO in January 2013, and since taking the helm has sold off 16 underperforming businesses, returned the company to profitability. Its dividend is now on the rise.
Aviva’s fund management division took a hit of £132 million after its parent company discovered improper allocation of bond trades by two former employees. Additional controls have been put in place since, and Mr Wilson is ‘100% certain’ that this will not happen again.
Mr Wilson’s turnaround plan for Aviva is not over yet; he has also announced his intention to tackle the company’s £5 billion outflow of funds.
Equity analysts are bullish on the stock; out of the 25 ratings, 10 are buys, 10 are holds and five are sells.
The 200-day moving average of £4.79 is providing support. If the company’s turnaround strategy continues, the stock could move towards £5.20.