Aviva has rolled out a £300m share buyback programme starting tomorrow (10 March), the firm revealed in its annual results.

In the report, Aviva said that given its "strong capital position and prospects", it was able to initiate the scheme, adding it still preferred to "return surplus capital regularly and sustainably".

A LSE notice showed the agreement is being brokered by Citigroup Global Markets Limited and is expected to be completed by 30 June.

Other top line results for the firm were positive, as the group's CEO Amanda Blanc said it was making "excellent progress".

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Solvency II operating own funds generation was up by 36% for the period and the return on equity under the regulation was up by 16.4%, versus 10.7% in 2021.

"Our core businesses in the UK, Ireland and Canada grew in 2022, and contributed to a very strong, all round performance," Blanc said.

The firm's asset management wing had less sunny results though, as Aviva Investors saw its operating profit decrease to £25m, down from £41m from the year before.

Revenues fell 6% to £379m for the year versus £403m in 2021, "reflecting the impact of weak investment markets on average assets under management, with the most significant impact on credit", the results said.

AUM for the firm decreased by £45bn in 2022, which Aviva said were "primarily driven by market movements which were negative across all asset classes".

Net outflows lessened slightly versus the year before, totalling £3.8bn versus £4.6bn in 2021, which a large portion was "related to strategic actions, mainly from the sale of France.

Aviva sold off its French business for €3.2bn in February last year, a move Blanc said at the time would "increase Aviva's financial strength, remove significant volatility and bring real focus to the group".