Insurers protest at IMF levy April 25, 2010 Some of the UK’s largest insurers have lashed out at plans to enforce new taxes on the financial sector, branding them “absurd” and “unfair”. Legal & General, Aviva and Lloyds of London said International Monetary Fund plans for two separate taxes on financial companies – one to cover the cost of any future bailouts, and the [...]
Aviva puts its ethics to the vote April 25, 2010 Aviva, Britain’s second-largest insurer, is set to become the first UK company to allow shareholders to vote on its corporate responsibility practices this week, as it holds its annual meeting at the Barbican on Wednesday. Aviva chairman Lord Sharman, is leading calls for authorities to introduce requirements for businesses to follow suit, arguing that performance [...]
IMF plan: the wrong kind of reform April 21, 2010 IT is a quote that sums up the new cross-party consensus on London’s financial services industry. Reacting to proposals from the International Monetary Fund, which would hit all financial firms – including hedge funds and insurance companies, not just banks – with two very large new taxes, Alistair Darling had this to say: “The recognition [...]
Aviva looks to close final salary pensions April 20, 2010 Aviva , Britain’s second largest insurer, has opened talks with staff about closing its final salary pension schemes, which offer staff the most secure form of retirement income. Aviva wants to migrate its final salary schemes’ 7,600 members towards alternative money purchase schemes in April next year, although they would hold onto the final salary [...]
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 [...]