Aviva (LSE: AV.) publishes a nine-point transformation plan.
The shares of Aviva (LSE: AV) (NYSE: AV.US) advanced 4p to 332p during early London trade this morning as investors sought an 7.8% dividend yield from a company that has admitted to suffering "more bureaucracy than desirable".
The confession from the FTSE 100 (UKX) firm was contained within a third-quarter statement, in which the composite insurer claimed it had "been more used to collective decision making and has moved more slowly as a result".
Ironically, Aviva's statement today also revealed no less than nine "specific transformation programmes" as part of "firm and decisive action" to transform the group.
The nine programmes outlined today -- Backing Winners, Cost and Capital Efficiency, Back Books, Life Excellence, GI Excellence, Assets/Aviva Investors, Product Tails, IT and Operations, and Performance Ethics -- was in contrast to a statement published in July.
Back then, the blue chip outlined a "new strategic plan" that had only three broad objectives: Narrow Focus, Build Financial Strength and Improve Financial Performance. During April, Aviva announced plans to just "simplify and grow" through a re-jigged management structure.
Whether the latest scheme -- involving "amber cells" and a "nine-box performance and potential matrix" -- actually transforms Aviva remains to be seen.
Meanwhile, Aviva did say this morning that "trading conditions remained difficult and results have been mixed across the group".
The firm also declared net asset values of 397p and 446p per share, which means the shares may represent between 74% and 84% of the balance sheet depending on your accounting preference.
Current City earnings estimates for 2012 range between a 10p per share loss to a 61p per share profit, suggesting even the experts aren't really sure about Aviva's progress and transformation programmes.
At least the trailing dividend is still 26p per share, which should provide a 7.8% income. But whether that high yield is enough to make Aviva a 'buy' remains your decision.
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> Maynard does not own any share mentioned in this article.