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    AV.   GB0002162385


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Aviva merges UK insurance businesses, Europe CEO quits

01/19/2017 | 06:04am EDT
Pedestrians walk past an Aviva logo outside the company's head office in the city of London

LONDON (Reuters) - British insurer Aviva will merge its UK life and general insurance businesses as it focuses on offering products online, it said on Thursday, in an organisational shake-up that also saw the departure of its European chief.

Andy Briggs, head of Aviva's UK life business, will take on general and health insurance to become the chief executive of the UK Insurance business, Aviva said in a statement.

Briggs was formerly chief executive of Friends Life, which Aviva acquired in 2015.

Maurice Tulloch will become CEO of International Insurance, responsible for the firm's operations in France, Canada, Ireland, Spain, Italy, Poland, Turkey and India.

Aviva has been pulling out of some international markets in recent years.

As a result of the changes, David McMillan, chairman Aviva Global Health Insurance and CEO Aviva Europe, has chosen to leave the firm, Aviva added.

Aviva, which is unusual among UK listed insurers in having large operations in both life and general insurance such as home and motor, is focusing more on its digital business, offering a range of life and general insurance products online.

"We see significant opportunities to differentiate our business in the UK post-Brexit," group chief executive Mark Wilson said in a statement.

“Our priorities are to continue to deepen our position in our home UK market...and to continue to grow in our core international markets."

Aviva's shares were trading at 474 pence at 1040 GMT, down 1.0 percent on the day and underperforming the FTSE 100 index <.FTSE>.

"I don't think Aviva has made any secret of the fact that they would like to have a better track record in cross-selling," said Eamonn Flanagan, analyst at Shore Capital, which has a neutral rating on the stock.

"This structure makes sense."

(Reporting by Carolyn Cohn and Noor Zainab Hussain; editing by Simon Jessop and Elaine Hardcastle)

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 0.59% 389.9505 Delayed Quote.19.22%
FTSE 100 0.36% 7044.16 Delayed Quote.8.29%
MSCI UNITED KINGDOM (STRD) 0.10% 1140.044 Real-time Quote.10.42%
S&P UNITED KINGDOM (PDS) 0.37% 1402.83 Delayed Quote.8.89%
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Sales 2021 46 772 M 65 170 M 65 170 M
Net income 2021 2 260 M 3 148 M 3 148 M
Net cash 2021 8 664 M 12 072 M 12 072 M
P/E ratio 2021 6,86x
Yield 2021 5,66%
Capitalization 15 228 M 21 136 M 21 218 M
EV / Sales 2021 0,14x
EV / Sales 2022 0,14x
Nbr of Employees 28 596
Free-Float 97,1%
Duration : Period :
Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 387,70 GBX
Average target price 464,14 GBX
Spread / Average Target 19,7%
EPS Revisions
Managers and Directors
Amanda Blanc Chief Executive Officer & Executive Director
Jason Michael Windsor Chief Financial Officer & Director
Mark George Culmer Non-Executive Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Michael Mire Independent Non-Executive Director
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