Aviva has proposed EY as its new auditor from 2024, replacing PwC after 12 years.
In an announcement today, the insurance giant said the proposal had already been approved by its board following an “extensive competitive” tender process, but is still subject to shareholder approval at its 2024 annual general meeting.
PwC, who will continue to audit Aviva’s financial years for 2022 and 2023, have been the company’s auditors since 2012.
City A.M. understands that a ‘mandatory tender’ process was required to comply with Competition and Markets Authority regulations, since PwC have been the Group’s auditors for ten years. – though it is unclear why EY was selected over the firm’s current auditor.
Aviva declined to comment.
The news follows a jump in the insurer’s life sales to £25.3bn in its latest quarter, which has been boosted by “record” inflows in its savings and retirement division, reported last week.
Aviva secured £7.3bn worth of savings and retirement funds in its third quarter, which CEO Amanda Blanc said signalled “excellent” progress in its post-shakeup growth.
The FTSE 100 Group recorded £522bn assets under management at the end of June this year.