Connect to share and comment

Aviva says sells stake in SKorea venture

British insurer Aviva has agreed to sell its stake in its South Korean venture for an undisclosed amount as it focuses on its core Asian businesses, the group said Monday. Aviva has sold its 47-percent holding in Wooru Aviva Life Insurance to NongHyup Financial Group (NHFG), it said in a statement. "Aviva has a strong presence in China and South East Asia, which are key future cash generators for the group," said Aviva Asia chief executive Khor Hock Seng. "This deal provides further focus to our Asian businesses."

Aviva says sells stake in SKorea venture

British insurer Aviva has agreed to sell its stake in its South Korean venture for an undisclosed amount as it focuses on its core Asian businesses, the group said Monday. Aviva has sold its 47-percent holding in Woori Aviva Life Insurance to NongHyup Financial Group (NHFG), it said in a statement. "Aviva has a strong presence in China and South East Asia, which are key future cash generators for the group," said Aviva Asia chief executive Khor Hock Seng. "This deal provides further focus to our Asian businesses."

Aviva could pay CEO up to $8.7 million for first year of turnaround

By Chris Vellacott LONDON (Reuters) - British insurer Aviva <AV.L> could pay its chief executive Mark Wilson up to 5.3 million pounds ($8.7 million) for his first year in the job he took on after a shareholder rebellion led to the departure of his predecessor. According to Aviva's annual report for 2013, published late on Monday, Wilson's pay comprises a basic salary of 980,000 pounds plus a bonus of 1.1 million pounds, one third of which will be paid in cash with the rest paid in shares deferred for three years.

Aviva says sales boosted by France, emerging markets

British insurer Aviva said on Thursday that new sales grew in the first nine months of the year, lifted by particularly "strong" growth in France and emerging markets. The value of new business, Aviva's preferred performance measure, rose 14 percent to £571 million ($918 million, 679 million euros) in the nine months to September 30, compared with a year earlier, it said in a trading update. Operating expenses slid seven percent to £2.28 billion, added the group, which is Britain's second-biggest insurer after Prudential.

Insurer Aviva switches into profit

British insurer Aviva said on Thursday it had swung back into profit during the first half, recovering from a huge write-down suffered the previous year. Net profit stood at £693 million ($1.07 billion, 806 million euros) in the six months to the end of June compared with a losses after tax of £688 million during the first half of 2012 -- also on reduced costs and a jump in new product sales. Last year, Aviva tumbled into a net loss owing mainly to a massive write-down following the sale of its US business.

Insurer Aviva logs strong Q1 performance

British insurer Aviva on Thursday said that the value of new business rallied 18 percent in the first quarter, helped by stronger contributions from Britain, as well as from Asia, France and Turkey. Aviva said in a statement that the value of new business rose to £191 million pounds ($290 million, 226 million euros) in the three months to March compared with £162 million a year earlier. The figure is a measure of profits expected to emerge from new business, net of costs.

Insurance firm Aviva axes 2,000 jobs

British insurer Aviva said Thursday that it would axe about 2,000 jobs around the world as part of its ongoing plans to slash costs. "Aviva plc today has informed employees that over the next six months there will be a reduction of approximately 2,000 roles across the group in the UK, Europe and Asia, equating to six percent of the global workforce," it said in a statement. "As part of Aviva's commitment to employees and unions to inform them as soon as it can about decisions that impact our people, it is communicating the estimated overall scale of changes today."

Insurer Aviva to cut 2,000 jobs and redundancy payouts

By Anjuli Davies and Sinead Cruise LONDON (Reuters) - British insurer Aviva Plc is to cut 2,000 jobs and slash redundancy payouts in the process, setting up a showdown with the country's biggest trade union as it attempts to cut costs and mollify shareholders after a recent investor revolt. Chief Executive Mark Wilson said the cuts would equate to around 6 percent of the global workforce over the next six months and reflected the group's commitment to deliver more than 400 million pounds in cost savings by year-end.

Aviva cuts director pay under shareholder pressure

LONDON (Reuters) - British insurer Aviva <AV.L> cut its directors' wage bill by more than a third last year as it tried to mend relations with shareholders who criticised it for excessive executive pay. Britain's fourth-biggest insurer by market value paid its directors a total of 4.77 million pounds in 2012, down from 7.28 million pounds the previous year, figures published on Monday in its annual report showed.

Insurer Aviva posts huge 2012 loss, slashes dividend

British insurer Aviva on Thursday said it tumbled into a net loss of £3.0 billion ($4.5 billion, 3.5 billion euros) last year and slashed its shareholder dividend, sparking a slump in the group's share price. The loss after tax, owing mainly to a massive writedown following the sale of its US business, contrasted with a net profit of £60 million in 2011, Aviva said in a results statement. The company meanwhile reported underlying operating profit -- an indicator of its day-to-day business -- of £1.78 billion.
Syndicate content