Aviva share price falls as it warns of ‘muted’ 2019 March 7, 2019 Aviva's shares were down five per cent this morning after it warned of a "muted" outlook for 2019 despite reporting rising profits for 2018 today. New boss Maurice Tulloch, appointed earlier this week, said the results showed the insurer’s “strong foundations”. The figures Profit before tax rose to £2.13bn in 2018 from £2bn in 2017 while group operating profit [...]
Aviva names insurance veteran as new CEO as it aims to boost shareholder returns March 4, 2019 Aviva has appointed a new chief executive five months after sacking former boss Mark Wilson, saying it had “much further to go” to enhance shareholder value. The insurer has named company veteran Maurice Tulloch as its new boss effective immediately, who will leave his position as boss of Aviva’s international business. I am honoured to [...]
A terrible year for deaths in 2018 could boost insurers’ balance sheets February 21, 2019 A grim year for deaths in 2018 could see insurers flush with cash as they release reserves earmarked for paying incomes to pensioners. According to analysts at Royal Bank of Canada (RBC) Capital Markets 2018, was “the worst year for deaths this millennium” with a prediction that the soon-to-be-published mortality tables used by UK insurers [...]
Berry Global gets deadline to hijack Apollo’s RPC Group takeover February 19, 2019 Berry Global, the US firm trying to hijack an agreed £3.3bn takeover of plastic packaging giant RPC Group, has been given a 13 March deadline to announce a concrete intention to make a counter offer. RPC accepted an offer in January by private equity firm Apollo Global Management after months of negotiations. But Berry, another [...]
Mark Kleinman: Aviva’s missed deadline ensures brickbats February 15, 2019 Viva Aviva? For such a stalwart of blue-chip boardrooms, Sir Adrian Montague suddenly can’t put a foot right. Four years after taking over the chairmanship of Aviva when John McFarlane scuttled off to Barclays, he’s ended up in a rather large pickle of his own making. Sacking Mark Wilson as the insurer’s chief executive last [...]
RPC Group takeover: US-based Berry Global threatens to crash Apollo’s party January 31, 2019 Private equity firm Apollo’s takeover of plastic packaging manufacturer RPC group has come under threat after US company Berry Global said it was considering making a counter offer. Berry, another a plastic packaging supplier, said it had reached out to RPC for the due diligence information needed to make an offer, but also stressed it [...]
RPC Group’s £3.3bn private equity takeover sparks disquiet among top shareholders January 23, 2019 Private equity firm Apollo Global Management’s £3.3bn buyout of packaging manufacturer RPC Group has sparked a row among investors, who feel they are getting a raw deal. Each RPC shareholder will get 782p cash for every share they own, 15.6 per cent up on the 683.6p closing price on 7 September, the last day before [...]
City Moves for 21 January – who’s switching jobs at Superunion, Opengamma and Aviva? January 21, 2019 Who’s changing jobs today? Superunion WPP global brand agency Superunion announced the appointment of Holly Maguire as UK managing director to drive the growth of its UK business. Holly will be responsible for managing key client relationships with the likes of Coca-Cola, IAG, Nestle, Tesco and Vodafone, and building the success of Superunion since its launch [...]
Mark Kleinman’s big predictions for the Square Mile in 2019 January 11, 2019 Sir Martin Sorrell’s WPP exit, Unilever’s HQ U-turn, Melrose’s swoop for GKN: 2018 was a year full of surprises in the City. And while forecasting might be a fool’s errand, here are 10 predictions for the year ahead. •Theresa May will decisively lose next week’s “meaningful vote” on Brexit: that’s not a punt that will [...]
Aviva chief executive Mark Wilson steps down after almost six years in charge October 9, 2018 Aviva chief executive Mark Wilson stepped down today, with the insurer looking for new leadership for what it called its next stage of development. Wilson, who was brought in to enact a business turnaround in 2013, claimed he succeeded in this goal, with its latest financial results showing it should deliver earnings per share growth [...]