New regulation threatens the success of Britain’s thriving insurance sector August 4, 2013 SINCE the financial crisis, policymakers have focused on regulating banks. But while banking plays a central role in the financial sector, insurance plays another. The UK insurance industry is the largest in Europe. It manages investments amounting to 26 per cent of annual GDP, and accounts for £10.4bn in tax revenue, employing 290,000 people in [...]
Aviva ends its sponsorship deal with UK athletics after 13 years October 10, 2012 AVIVA will not renew its 13-year sponsorship of British athletics despite the sport’s increased profile following the Olympic successes of Mo Farah and Jessica Ennis, the insurer said yesterday. The deal expires at the end of the year. UK Athletics has not named a replacement, but recent reports suggested the sport was looking to increase [...]
Aviva sells Sri Lankan unit as disposal strategy accelerates September 27, 2012 BRITISH insurer Aviva yesterday agreed to sell its stake in a Sri Lankan joint venture for £31m, the latest step in a bold plan to streamline the firm. Hong Kong’s AIA Group, formerly part of American insurance giant AIG, paid cash for the 58 per cent stake in the business, which was run in co-operation [...]
Aviva Investors mulls overhaul of listed real estate business September 19, 2012 AVIVA Investors could close its global listed real estate business divisions in New York and London as it reviews the way it manages its listed real estate securities, it was revealed yesterday. The firm, the asset management division of insurance giant Aviva, has written to advisers informing them its current business has “insufficient scale” to [...]
Aviva Investors mulls overhaul of listed real estate business September 19, 2012 AVIVA Investors could close its global listed real estate business divisions in New York and London as it reviews the way it manages its listed real estate securities, it was revealed yesterday. The firm, the asset management division of insurance giant Aviva, has written to advisers informing them its current business has “insufficient scale” to [...]
Aviva sets deadline for £300m sale of Malaysian joint venture September 25, 2012 INSURANCE giant Aviva has set a deadline of 29 October to receive bids for its Malaysian insurance business, reports suggested yesterday. Prudential, Manulife and Sun Life Financial are thought to be in the running to buy the British firm’s holding, which is expected to fetch at least $500m (£317m). Aviva set up the business five [...]
Aviva sets deadline for £300m sale of Malaysian joint venture September 25, 2012 INSURANCE giant Aviva has set a deadline of 29 October to receive bids for its Malaysian insurance business, reports suggested yesterday. Prudential, Manulife and Sun Life Financial are thought to be in the running to buy the British firm’s holding, which is expected to fetch at least $500m (£317m). Aviva set up the business five [...]
Vunipola still fighting for Wasps despite nearing exit February 17, 2013 LONDON Wasps No8 Billy Vunipola is heading to Saracens next season but coach Dai Young insists his performance in yesterday’s 33-29 win over Gloucester show his allegiances lie at Adams Park for now. The 20-year-old, who scored a try yesterday, will join brother Mako at Sarries next season but Young has no fears for the [...]
Aviva profit down on restructuring costs August 9, 2012 Aviva, Britain’s second-largest insurer, reported a 10 per cent drop in half-year profit, blaming higher costs as it pushes through reorganisation aimed at improving its financial performance. Aviva made an operating profit of £935m in the first six months of 2012, down from £1.035bn a year earlier, it said today. Analysts had expected a profit [...]
Aviva to cut 800 jobs at its UK businesses August 23, 2012 INSURANCE giant Aviva last night confirmed plans to cut 800 jobs in the UK this year as part of a shake-up aimed at reducing the number of middle-managers in the company. Aviva currently employs 18,500 staff in Britain and a spokesman confirmed to City A.M. that “up to 800 roles” are at risk. “In practice [...]