Final pulled, dividends to be reconsidered in Q4 ‘In light of the significant uncertainties presented by COVID-19, the Board agrees with our regulators that it is prudent to suspend dividend payments at this time’ The Board intends to reconsider any dividends in Q4 2020. We note that Aviva has a sizeable operation in France, whose insurance regulator has asked insurers not to pay dividends. No update on mid-March capital position Aviva has not updated the estimate it gave for its Solvency II position as of March 13th, when it was 182% (excluding the final dividend) above the top of its target range, but down materially from 213% at year-end. Aviva says it is too early to quantify the impact of Covid-19 on claims and investments. Aviva expects to provide an operational update for investors in the second half of May Forecasts under review, with risks to the dividend We place our forecasts, target price and recommendation under review. Note that our published forecasts below had been updated for the November analyst day, but not for the full year results at end-February. We note that Aviva had lowered its outlook for IFRS and cash generation materially in 2019, while keeping its dividend policy of low single digit growth unchanged. From a starting yield north of 8% before Covid-19, and with the shares now yielding double digits, we think the market was already pricing in the material probability of a dividend cut.