Activist investor Cevian Capital has sold down its entire stake in British insurer Aviva, ending its campaign to drive up investor payouts at the FSTE 100 company.

Cevian said in a statement that Aviva chief executive officer Amanda Blanc and her management team had done an “excellent job” in improving the company’s fortunes, despite mixed quarterly trading figures on Wednesday (May 24) that sent its shares down 5 per cent.

Aviva has paid out more than £5 billion (S$8.4 billion) to investors since 2021, when Cevian first revealed its stake in the company.

“Over the last few years, Aviva has transformed from a poorly-performing conglomerate to a focused and well-performing insurance company,” said Niko Pakalen, partner at Cevian.

“Aviva has produced strong shareholder returns, including substantial distributions of excess capital... Aviva is now well positioned for continued success, which is not reflected in today’s share price.”

A Cevian spokesperson said the firm had entirely exited its position in Aviva, which had stood at more than 150 million shares at its peak last October.

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An Aviva spokesperson had said earlier on Wednesday that Cevian had sold almost the entire holding. Reuters