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Aviva ditches final dividend, reviews corporate spending

FILE PHOTO: The Aviva logo sits outside the company head office in the city of London

LONDON (Reuters) - British insurer Aviva <AV.L> said on Wednesday it has shelved its 2019 final dividend and would review all material company spending as part of plans to insulate its business from the economic fallout of the coronavirus pandemic.

The company said it remained "well capitalised with strong liquidity" and retention of the final dividend would boost group capital ratio by around 7% to approximately 182%.

Aviva also said it would review all material discretionary and project expenditure in view of Covid 19's "adverse and highly uncertain impact" on the global economy.

Regulatory authorities including EIOPA and the Prudential Regulation Authority have urged restraint on dividend payments by insurers to shareholders.

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The payout was due to be paid to ordinary shareholders in June. Aviva said it would provide a further operational update for investors in the second half of May.

(Reporting By Sinead Cruise; Editing by Dhara Ranasinghe)