Aviva heads back into Asian insurance market April 9, 2010 AVIVA said it would re-enter the Asian general insurance market five years after offloading its non-life operations in the region. Britain’s second largest insurer has made the move into Singapore after rival Prudential spent £24 billion on the Asian operations of bailed-out American insurer AIG. Asia has one of the world’s quickest expanding financial services [...]
Aviva re-enters Asian markets after five years in the wilderness April 8, 2010 AVIVA, Britain’s second largest insurer, will re-enter the Asian general insurance market five years after selling its non-life operations in the region. It is understood Aviva is preparing to announce its decision imminently, and could issue a statement today. The company said it would have made the move sooner but that a non-compete agreement, following [...]
Thiam set for £5m payday April 7, 2010 TIDJANE Thiam, the architect of the biggest M&A deal of the year so far, Prudential’s audacious £23.4bn takeover of the Asian assets of AIG, is in line for a remuneration package worth up to £5.22m if he delivers on the insurer’s performance targets. Thiam could receive shares worth up to £2.7m as part of a [...]
CITY MOVES | WHO’S SWITCHING JOBS March 23, 2010 Ernst & Young Dawn Aloof has joined EY from rival PricewaterhouseCoopers, to lead its Europe, Middle East, India and Africa (EMEIA) financial services transaction integration practice. Aloof also previously spent 15 years at Barclays, where she was responsible for clients’ global operating strategy, planning and M&A operations. She is joined by four ex-PwC colleagues: Ari [...]
Hubris is always CEOs’ worst enemy March 18, 2010 IT has been an embarrassing couple of days for Tidjane Thiam, Prudential’s chief executive. On Wednesday, he accepted a non-executive directorship at Societe Generale, the French bank; 48 hours later, he had changed his mind, after a backlash from City institutions already upset at the looming dilution to their holdings from the Pru’s planned $21bn [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 16, 2010 FINANCIAL TIMES EX-EMPLOYEE SUES SOCGEN FOR џ12M Societe Genrale, France’s second-largest bank, is being sued for more than џ12.5m (£11.3m) by its former head of European fixed income after his contract was terminated at the start of the credit crunch. The High Court heard yesterday that Raphael Geys, its London-based former managing director of European [...]
Aviva focuses on Europe as rivals go east March 4, 2010 AVIVA’S heavy cost cutting and its successful flotation of Delta Lloyd has paid off as it announced a three per cent rise in operating profits for 2009. The British insurer recorded an end of year operating profit of £3.48bn, up from £3.37bn in 2008. Its Life business arm was a particularly strong performer increasing 11 [...]
ANALYST VIEWS: WHAT DID YOU THINK OF AVIVA’S END OF YEAR RESULTS? March 4, 2010 BARRIE CORNES | PANMURE GORDON “Aviva has reported 2009 results that were well ahead of consensus and above the top end of the range for MCEV and IFRS operating profit. Given the investment risk of the Prudential/AIA deal we recommend a switch into Aviva.” JAMES HUGHES | CMC MARKETS “In London, numbers from Aviva were [...]
Aviva profit up despite weather claims March 4, 2010 INSURER Aviva reported a three per cent increase in 2009 profit, with cost cutting helping to offset a rise in weather-related claims. The company’s operating profit of £3.48bn was up from £3.37bn the previous year, its annual results showed. Analysts had pencilled in a profit fall to £3.01bn.
FTSE rises as commodities and financials set the pace March 3, 2010 BRITAIN’S leading shares gained 0.9 per cent yesterday, boosted by strength in miners and oils, banks and life insurers, as upbeat US data lifted Wall Street. At the close, the FTSE 100 was 49.15 points higher at 5,533.21, ending at a seven-week peak on its fourth straight session of gains. “All the figures were pretty [...]