AVIVA has pledged its future to London, with chief executive Andrew Moss telling City A.M. that his firm will not follow the Prudential and consider a move abroad: “We’re here to stay. Trust me, if Aviva were to redomicile then you’d been turning the lights out in the City – because everyone else would have left first.”
Speaking as his firm announced an increased operating profit of £2.16bn, Moss also revealed that Aviva is set to launch a car insurance product that offers discounts based on customer’s driving speed and style – measured using an iPhone app.
Trevor Matthews, head of Aviva UK, explained: “We’re experimenting with an app right now that you put in your car and tells you all sorts of things. It could be available later in the year. But clearly there’s a bit of a problem with a phone-based app because it might not be in your car.”
Some EU insurers have considered moving their HQ abroad to avoid forthcoming Solvency II reforms that will enforce stringent capital requirements. Moss yesterday called on the Treasury to continue lobbying for change but reiterated his intention to keep Aviva in Britain.
“We are extremely committed to the UK. More than 40 per cent of our profits come out of the UK market, we have 14 million customers and 17,000 people whose job it is to serve those customers well and on a regular basis. We love the UK,” he said.