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May 28, 2019

Aviva mulling to demerge UK business into two parts

British life insurer Aviva is reportedly planning a demerger to split its insurance business in the UK to make it more agile, competitive and customer-focused.

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According to reports, the company may split its operations into life and non-life.

The decision is expected to be announced as early as next week by its new CEO Maurice Tullochs.

Through the demerger, Tulloch aims to infuse new lease of life into the three century old company while also ensuring better management of each division, including underwriting and pricing.

In 2017, Aviva combined its two main insurance operations under the guidance of its former CEO Mark Wilson.

However, Tulloch wants to simplify the group structure. In an annual meeting last week, he reportedly remarked that the structure is “still too complex”.

Tulloch took the rein of Aviva in March this year. Subsequently, the company announced that it would launch be “a review of the UK businesses to ensure the appropriate management structure to build on that success for the future”.

It is expected that Tulloch will announce some cost-cutting measures to control its operational expenses.  During last week’s annual meeting, Tulloch said that “our cost to income ratio is higher than it ought to be.”

In February, Aviva requested the High Court of England and Wales to grant permission for moving its assets totalling €9bn ($10.2bn) in Ireland amid uncertainty over Brexit.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
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by GlobalData
Enter your details here to receive your free Report.

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