US and Asia retail sales buoy the Pru October 28, 2009 INSURANCE giant Prudential yesterday reported a 10 per cent year-on-year rise in third-quarter retail sales, reflecting its focus on its profitable US and Asian operations. Chief executive Tidjane Thiam, in his first statement as head of the group, said that total retail sales grew to £699m in the period. Retail sales for the first nine [...]
CITY MOVES WHO’S SWITCHING JOBS October 25, 2009 AvivaThe insurer has appointed Patrick Regan as its new chief financial officer, effective from February next year. Regan is currently group chief operating officer and chief financial officer of Willis Group Holdings, the insurance broker. He has also previously held positions within the industry as group financial controller at RSA and as finance and claims [...]
Aviva unveils shake-up of European arm October 22, 2009 INSURANCE giant Aviva has unveiled plans for a “quantum leap” restructuring of its mainland European operations. The group, led by chairman Lord Sharman, has said it will integrate 12 separate businesses across Europe, and adopt a single distribution model across the region. It will simplify its product range as part of the move, designed to [...]
HORLICK PLANS SECOND PUSH INTO FILM INVESTMENT AT BRAMDEAN October 22, 2009 CITY superwoman Nicola Horlick has been keeping herself to herself of late, but she came out yesterday guns blazing to deny scurrilous rumours that her firm, Bramdean Asset Management, is on the block. “Bramdean is not for sale,” she insists, before launching into a tirade against idle gossipers. Horlick – who earlier this year was [...]
AVIVA MAKES WALL STREET DEBUT October 20, 2009 UK INSURANCE giant Aviva started trading on the New York Stock Exchange (NYSE) under the ticker symbol “AV” yesterday. Andrew Moss, chief executive, rang the Opening Bell at the NYSE to mark Aviva’s first day of trading, accompanied by Lord Sharman of Redlynch, group chairman. The secondary listing was criticised by some City analysts as [...]
Delta Lloyd IPO to net Aviva 1.1bn October 19, 2009 Life-insurer Aviva looks set to pocket €1.2bn (£1.1bn) when it floats Dutch unit Delta Lloyd in western Europe’s largest initial public offering (IPO) this year. “This step will free up capital for us to use elsewhere and give us the option of exploring further growth opportunities,” said Aviva chief executive Andrew Moss. Delta Lloyd shares [...]
City Moves for 19 October 2009 | Who’s switching jobs October 18, 2009 AvivaThe insurer has appointed Marie Sigsworth as its new corporate responsibility director. Sigsworth, who will be responsible for all aspects of corporate responsibility, including diversity, environment and community programmes and the global employee satisfaction survey, originally joined Aviva in 1986. Clifford ChanceThe law firm’s partners have elected Cliff McAuley to serve a further term as [...]
Aviva to offer shares in Dutch arm at a discount October 18, 2009 INSURER Aviva is to offer shares in its Dutch subsidiary Delta Lloyd at a discount, sources familiar with the matter said yesterday, giving the unit a market value of about £2.7bn. The group, which aims to list 30 to 40 percent of Delta Lloyd, is likely to receive 1bn euros (£913m) to 1.3bn euros from [...]
Banks take FTSE 100 lower after US figures disappoint October 15, 2009 THE FTSE 100 closed lower on yesterday as banks fell after US banking earnings failed to meet some expectations, while miners tracked metal prices down. The index ended down 0.6 per cent, or 33.15 points at 5,222.95, retreating from a 56-week closing high set on Wednesday. Although third-quarter earnings from Goldman Sachs and Citigroup came [...]
CITY VIEWS: ARE YOU MORE OR LESS LIKELY TO INVEST IN A PENSION? October 14, 2009 HAYDEN SINDEN AVIVA“The sooner you start saving for a pension, the less you have to pay out in one go. There is a common misconception that a state pension is enough to live on, and it’s not – it’s completely insufficient. And as people live longer, the pot of public money is going to run [...]