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LONDON (Reuters) - Aviva is to buy back up to 300 million pounds ($389.55 million) of its own shares, the insurer said on Thursday.
Morgan Stanley will act as principal on the transaction, Aviva said in a statement.
European insurers and reinsurers such as Allianz and Munich Re have also issued share buybacks this year, as they struggle to put capital to work.
Aviva chief executive Mark Wilson said this week the firm would consider small acquisitions in insurance technology businesses, but added nothing was imminent.
Reporting by Carolyn Cohn; Editing by Rachel Armstrong