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Aviva plc
Type Public (LSE: AV.)
Founded 2000
Headquarters London, United Kingdom
Key people Lord Sharman, Chairman
Andrew Moss, CEO
Industry Insurance
Products Life insurance
Pensions
Revenue £59,083 million (2009)[1]
Operating income £2,022 million (2009)[1]
Net income £1,315 million (2009)[1]
Employees 54,000 (2010)[2]
Website www.aviva.com

Aviva plc (LSE: AV.) is a British insurance group, that is also the fifth largest in the world, the largest insurance services provider in the UK and the second-largest insurance group in Canada operating as Aviva Canada. It is one of the leading providers of life and pension products in Europe and has a presence in 28 countries worldwide.

Aviva plc is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. Aviva was first listed on New York Stock Exchange on 20 October 2009.

Contents

History

Aviva can trace its history back to the formation of the Norwich Union by Thomas Bignold in 1797 and the Commercial Union in 1861.

It was created by a merger of Norwich Union and CGU plc[3] (itself created by the 1998 merger of Commercial Union and General Accident [4]) in 2000. The Aviva name was adopted in July 2002.

During March 2005 Aviva plc acquired the RAC plc breakdown recovery operation for around £1.1 billion.[5]

In July 2006, Aviva greatly increased its presence in the United States by acquiring AmerUs Group, a financial services company founded in 1896.[6] Aviva Corp. is not affiliated with Aviva Energy Corp., an energy consulting firm based in the U.S.

The Company continued to use the Norwich Union name as a trading name in the UK until 1 June 2009 when it became formally known as Aviva within the United Kingdom. The launch was supported by a £9 million advertising campaign to promote the rebranding (one of the most expensive ever in the UK insurance field), with the participation of celebrities including Bruce Willis and Alice Cooper.[7] In January 2010, the process of Aviva's rebrand was formally recognised when they appeared on the shortlist of the Transform Awards for rebranding and brand transformation in a number of categories [8]

In June 2009 the Company decided to dispose of Navigator, its Australian wealth management business, to National Australia Bank for A$825 million (£401 million); the acquisition is likely to complete in in the fourth quarter of 2009.[9]

In October 2009 the company decided to focus on its commercial insurance sector and demonstrate its commitment to brokers by launching their 'find a broker' facility, using the British Insurance Brokers Association search engine. To help them with this endeavour, Paul Whitehouse was recruited as played the part of a successful hairdresser running three salons. The message of the campaign focussed on business insurance through insurance brokers.[10] The closing line of the campaign was "We're in business to keep you in business".

Operations

The Company's main activities are general and life insurance as well as long-term savings and fund management. It has around £379 billion of assets under management. The group has 46,000 employees, serving 53 million customers worldwide.

Aviva was the first insurance company to become carbon neutral globally.[11]

Companies

  • United Kingdom - United Kingdom
    • Aviva Life - Pensions, investments, Life Insurance and long term savings (formerly Norwich Union)
    • Aviva Insurance - General Insurance
    • Aviva Investors - Fund Management (formerly Morley Fund Management)
    • RAC - Breakdown recovery
  • United States - United States of America - Aviva USA Corporation
  • Republic of Ireland - Ireland
  • Poland - Poland - Aviva
  • Netherlands - Netherlands - Delta Lloyd Groep
  • Romania - Romania - Aviva
  • Canada - Canada - Aviva Canada
  • France - France - Eurofil
  • Republika Srpska - Republika Srpska - Jahorina Banka (cyrllic)
  • Australia - Australia
  • People's Republic of China - China - Aviva-Cofco
  • India - India - Aviva India
  • Malaysia - Malaysia - CIMB Aviva
  • Singapore - Singapore
  • Turkey - Turkey
  • Republic of China - Taiwan - First Aviva (in Chinese language)
  • Sri Lanka - Sri Lanka
  • Russia - Russia
  • Lithuania - Lithuania
  • Italy - Italy - Aviva Italia Holding S.p.A.

Company name

The company name, Aviva, is a Hebrew name meaning Spring or Renewal (as in Tel Aviv)[12], though this is thought to be co-incidental.

Sponsorship

In May 2008 Aviva became Norwich City Football Club's main sponsor. Ironically, in a 2009 television advert starring Paul Whitehouse they feature a Plymouth Argyle F.C. fan who uses Aviva car insurance followed by a Green Army chant.[13] It also acquired the naming rights for the redeveloped Lansdowne Road stadium in Dublin, Ireland, and will now be called the Aviva Stadium.[14]

Senior management

CEO Richard Harvey retired on 11 July 2007. His successor was Andrew Moss, the former group finance director.[15] Moss is paid an annual base salary of £925,000 for his role as Chief Executive.[16]

References

External links








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