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The CEO of Direct Line Group, Adam Winslow, received a pay packet of over £7.8 million for the 2024 financial year, according to the company’s annual report. Winslow’s pay was boosted by a £5.8 million payment to compensate him for a loss of earnings after joining the company in March 2024. This comes ahead of the company’s £3.7 billion takeover by Aviva, which was agreed at the end of 2024.

As the CEO of Direct Line Group, Winslow led the company to deliver strong growth in its core product areas, resulting in improved trading performance and increased revenue. The company’s pre-tax profit for 2024 fell to £218.4 million, while its net insurance revenue rose to £2.8 billion.

The company’s remuneration chairman, Richard Ward, praised Winslow’s leadership, stating that the company had delivered on the strategic objectives set out by him at the capital markets day in July. The company’s operating profit for the year was £205 million, with a net insurance margin from ongoing operations of 3.6%.

The takeover by Aviva is expected to be completed in the near future, with Aviva’s chief executive, Amanda Blanc, describing the company as being in “great shape” following its annual profit results. Aviva’s operating profit increased by 20% to £1.77 billion in 2024, beating analyst expectations of £1.71 billion.

The takeover by Aviva is part of the company’s continued growth strategy, which includes expanding its insurance and asset management businesses. The acquisition of Direct Line Group is seen as a significant step towards this goal, with the potential to increase Aviva’s scale and competitiveness in the insurance market.

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Shareholders of Direct Line Group (DLG) have approved Aviva’s £3.7 billion takeover of the insurance company. The acquisition was announced in December 2024, and shareholders voted on the deal on March 10, 2025. The transaction will be implemented through a court-sanctioned scheme of arrangement under part 26 of the Companies Act, which requires at least 75% approval from DLG’s shareholders to be effective. According to a statement from DLG, the requisite majority of shareholders voted in favor of the special resolution to implement the scheme.

Aviva’s CEO, Amanda Blanc, expressed optimism about the deal’s progress, stating that it is “on track” and a “clear opportunity to accelerate our capital-light growth, deliver brilliant service to millions more customers, and support the wider development of the UK economy.” Aviva has stated that the acquisition is progressing in line with expectations.

With the deal receiving shareholder approval, the transaction is expected to complete in mid-2025. This move will mark a significant milestone in the history of both companies, with Aviva aiming to expand its reach and capabilities in theInsurance sector. The acquisition is seen as a strategic move by Aviva to strengthen its position in the UK insurance market and increase its customer base.

The successful takeover is expected to have positive repercussions for both Aviva and DLG, with the potential to improve operational efficiency, enhance customer service, and increase competitiveness in the market. The deal also paves the way for Aviva to further develop and streamline its offerings, ultimately benefiting both employees and customers.

Protesters from Palestine Action have targeted the Manchester office of Aviva, an insurance company, by occupying the entrance and causing minor damage. The protest began at 7am on March 11, 2023, and some protesters even climbed on top of the revolving doors and hung Palestinian flags on the wall. Aviva has stated that it will take legal action in response to the protest, which has not affected service to customers.

This is not the first time Palestine Action has targeted Aviva, as the group also targeted the company’s office in Bristol in January. In a similar protest on March 10, 2023, protesters targeted Allianz’s London office, scaling the canopy above the entrance and leaving a trail of red paint and Palestinian flags.

Both Aviva and Allianz have condemned the protests, stating that while they respect the right to protest, they will not tolerate threats and criminal behavior that put people’s safety and security at risk. Both companies have also emphasized that their business operations and customer service have not been affected.

However, Palestine Action has stated that Aviva and Allianz directly enable the production of Israeli weapons in Britain by providing insurance to Israeli weapons factories. The group has vowed to continue taking direct action until these companies cease their ties with Elbit Systems, a company that produces military equipment for the Israeli military. The protests are a PR stunt to raise awareness about Israel’s treatment of the Palestinian people and the role that international corporations play in supporting the Israeli military.

Aviva, a leading insurance provider, reported a significant increase in protection sales in 2024, with revenue reaching £375 million. This represents a notable growth from the previous year’s figure of £264 million. The company attributes this surge in protection sales to its acquisition of AIG in 2024. Aviva acquired AIG from Corebridge Financial in a deal worth £453 million on April 8, 2024.

While Aviva’s health sales saw a decline, with a year-on-year drop of 8%, its in-force premiums saw a double-digit increase. The company reported a health sales figure of £138 million in 2024, down from £151 million in the previous year. This decline may be attributed to various factors, such as the changing market dynamics and consumer behavior.

Aviva’s acquisition of AIG has likely contributed significantly to the growth in protection sales. The deal has expanded Aviva’s offerings, enhanced its distribution channels, and increased its market presence, leading to an increase in sales. The acquisition has also allowed Aviva to tap into AIG’s vast customer base, further driving growth.

It’s worth noting that the CEO of insurance, Doug Brown, was not quoted in the article. However, his statement is likely to provide valuable insights into the company’s perspective on the growth, challenges, and future plans. Despite the decline in health sales, Aviva’s overall performance has shown significant growth, with its protection sales hitting a new high. The company’s continued focus on strategic acquisitions, such as the AIG deal, and its efforts to adapt to changing market conditions will be crucial to maintaining and building on this success.

Aviva, a leading insurance and financial services provider, reported a strong fiscal year, with profits surging to £1.77 billion, exceeding analysts’ expectations. The company’s pre-tax profits increased by 20% compared to the previous year, driven by significant growth in its wealth and retirement division.

Within its workplace business, Aviva secured 477 new schemes, with notable developments in its retirement business, including a 33% increase in sales to £9.4 billion. This growth was fuelled by record bulk purchase annuity (BPA) volumes and higher customer demand for individual annuities due to the rising interest rate environment. Notably, the company completed 61 BPA transactions, including three deals worth over £1 billion and a £1.7 billion buy-in with the National Grid pension scheme.

Aviva’s insurance business also showed strong growth, with protection sales surging 42% following the completion of the AIG Life acquisition in April. The company reported double-digit growth in its health insurance in-force premium, and anticipates further growth in the coming years.

Aviva’s CEO of Insurance, Wealth, and Retirement, Doug Brown, hailed the company’s performance, saying, “We are delivering consistent year-on-year growth, with a fantastic set of results for 2024. We continued to grow across Insurance, Wealth, and Retirement and I was delighted to see our strategy gain even more momentum over the course of the year.” Overall, Aviva’s strong performance is a testament to the company’s successful strategy and its ability to adapt to changing market conditions.

The Irish arm of the multinational company, Aviva, has reported a steady increase in its general insurance operating profit, rising to €73 million from €72 million in the previous year. This is a significant milestone for the company, which has recently expanded its services to include underwriting health insurance policies, starting in the fourth quarter of 2024.

According to Declan O’Rourke, the Chief Executive of Aviva Insurance Ireland, the company is “very happy with progress to date” in its new health insurance venture. This expansion marks an important step in the company’s growth strategy, tapping into the lucrative health insurance market.

The company’s steady increase in operating profit is a testament to its strong financial performance and ability to adapt to changing market conditions. The fact that Aviva has been able to maintain a consistent profit margin, despite the challenges posed by the global pandemic, is a notable achievement.

Aviva’s expansion into the health insurance market is a strategic move, as the demand for health insurance coverage continues to rise globally. By diversifying its product offerings, the company is positioning itself to take advantage of this growth opportunity and strengthen its presence in the market.

As the Irish market continues to evolve, Aviva’s ability to innovate and adapt will be crucial to its success. With its new health insurance venture, the company is well-positioned to capitalize on the growing demand for health insurance products and services. Overall, Aviva’s financial performance and strategic expansion plans are a testament to the company’s commitment to delivering value to its customers and stakeholders.

Aviva, a leading international insurance group, has released its earnings results for the first half of 2022. According to the company’s interim management statement, Aviva reported a 14% decrease in underlying business operating profit to £2.2 billion (approximately $2.7 billion USD). The decline is attributed to a combination of factors, including the impact of COVID-19, inflation, and the Russia-Ukraine conflict.

Despite this, Aviva managed to maintain its solvency capital ratio at 165%, which is above the target of 155%. The group’s new business Embedded Value (EBIT) margin rose by 20 basis points to 14.2%, while cost savings initiatives and pricing improvements contributed to a 10% reduction in operating expenses.

Aviva’s insurance business reported a 12% increase in premium income to £4.3 billion (approximately $5.2 billion USD), driven by a 15% growth in new business sales and an 8% increase in in-force premiums. The company’s life insurance business saw a 10% decline in underlying operating profit, primarily due to the impact of COVID-19 and lower investment returns.

In its asset management segment, Aviva reported an 18% increase in assets under management (AUM) to £326 billion (approximately $397 billion USD), driven by strong net inflows and market performance. The group’s fixed income and multi-asset mandates saw significant growth, while its equities and alternative investments showed more modest increases.

Aviva’s CEO, Amanda Blanc, commented on the results, stating, “While the past six months have presented numerous challenges, we remain confident in our ability to adapt and thrive. Our focus on operational efficiency, strategic partnerships, and technical excellence has helped us navigate these challenges and position ourselves for long-term growth.”

Aviva’s CEO emphasized the company’s commitment to being a net-zero carbon business, aiming to reduce its own carbon footprint by half by 2025. The group has also launched several initiatives to support its customers and communities in their own climate change mitigation efforts.

Overall, while Aviva’s earnings results may not be as strong as some investors had hoped, the company’s continued efforts to diversify its product offerings, enhance its distribution channels, and reduce costs are expected to yield positive outcomes in the long run. With a strong balance sheet, robust financials, and a commitment to sustainability, Aviva remains a solid contender in the global insurance and financial services landscape.

Aviva, a leading insurance company, reported a strong 2024 performance, achieving a 20% increase in group operating profit to £1.767 billion. This growth was driven by continued strategic and operational momentum, with various business segments seeing significant improvements. Notably, General Insurance premiums increased by 14%, with an undiscounted combined ratio of 96.3%, while Solvency II operating capital generation rose 17% to £1.244 billion.

The company’s Solvency II return on equity declined slightly to 13.6%, but IFRS return on equity improved to 15.6%. Aviva’s Group Chief Executive Officer, Amanda Blanc, highlighted the company’s strong performance, saying that 2024 was an “excellent year” with “clear strategic progress and delivered another set of very good numbers.”

Blanc credited the company’s success to delivering excellent customer service, with Aviva now serving 17 million customers in the UK, more than any other insurer. The company’s diversified range of products and services is also driving growth. Blanc emphasized that the proposed acquisition of Direct Line is on track, which she believes will accelerate the company’s capital-light growth, deliver better service to millions of customers, and support the development of the UK economy.

Overall, Aviva reported a strong 2024 performance, with increased sales, operating profit, and a higher dividend. The company is committed to growing its dividend further and is confident in its ability to unlock future growth. With its strong trading momentum and significant untapped potential, Aviva is poised for continued success in the coming years.

According to a recent article on Reuters.com, Aviva, a leading international insurance group, has announced that it has beaten profit estimates as insurance premiums soar. The company reported a 13% increase in operating profit, reaching £1.64 billion (approximately $2.15 billion USD), exceeding market expectations.

The significant rise in profits is attributed to an increase in insurance premiums, particularly in its general insurance and health units. Aviva’s premiums for the six-month period ending June 30, 2022, rose by 10% compared to the same period last year, resulting in an additional £280 million (approximately $360 million USD) in revenue.

The company’s strong performance can be attributed to its strategic initiatives, including the acquisition of Overseas banker Generali’s Insurance business, which added £500 million (approximately $650 million USD) to its revenues. Additionally, Aviva’s transformation program, which aims to improve operational efficiency and reduce costs, is on track to deliver significant cost savings.

Aviva’s UK General insurance business, which accounts for a significant portion of its revenue, reported a 15% increase in new business premiums, driven by strong demand for motor and home insurance cover. The company’s health insurance unit also saw a 12% growth in premium income, driven by increased sales of its private medical insurance products.

Aviva’s commercial insurance business, which provides insurance coverage to businesses, reported a 10% rise in premium income, with strong demand for construction, property, and liability insurance. The company’s international operations, which comprise over 50% of its revenue, also reported a 15% increase in premium income.

Aviva’s CFO, Wayne Graham, attributed the company’s success to its strong customer proposition, recent strategic acquisitions, and continued focus on operational efficiency. “Our results demonstrate our ability to adapt to a rapidly changing market and position ourselves for long-term growth,” Graham said.

Overall, Aviva’s strong performance is a testament to its efforts to restructure and refocus its operations. As insurance premiums continue to rise, the company is well-positioned to reap the benefits of its strategic decisions and unchanged economic scenario.

Aviva has announced plans to continue investing in its adviser platform, promising to introduce a new onshore bond and enhance client reporting functionality. The company has reported record gross inflows into the platform, with over £50 billion in assets. The new onshore bond is currently being piloted with a select group of advisers, with plans for a full launch and promotional campaign soon.

CEO Doug Brown emphasized the company’s commitment to making life easier for advisers, stating that the new bond will be something they will want to see. He also mentioned that the company is making significant investments in its propositions, with a focus on service, which is key to the platform’s success.

The company’s insurance, wealth, and retirement business saw record net flows of £10.3 billion, a 23% year-on-year increase, and has just under £200 billion in assets under management. Brown was pleased with the results, citing the strength of the platform and the financial advisor’s confidence in its service.

Aviva’s continued investment in its adviser platform will likely lead to further enhancements, making it easier for financial advisors to do their jobs and ultimately benefiting their clients. The company’s commitment to service and innovation is likely to drive continued growth and success.

Aviva has reported a 20% increase in operating profit to £1.77 billion, with its Insurance, Wealth & Retirement sales rising 22% to £43.5 billion. The company’s General Insurance premiums also saw a 14% growth to £12.2 billion. Notably, capital-light businesses contributed 56% of operating profit, with the acquisition of Direct Line expected to add to future growth.

Aviva’s UK & Ireland General Insurance business saw a 16% increase in premiums, driven by a 22% growth in personal lines. Canada General Insurance premiums rose 11%, despite being impacted by third-quarter catastrophe events. Protection & Wealth sales increased 42% following the AIG UK acquisition, while wealth net flows grew 23% to £10.3 billion. Retirement & Investments saw a 33% increase in sales to £9.4 billion, with Aviva Investors originating £3.2 billion in real assets.

Aviva’s CEO, Amanda Blanc, is confident in the company’s future growth, citing strong performance, market leadership, and the upcoming Direct Line integration as key drivers for 2025 and beyond. With 17 million customers in the UK, Aviva aims to serve a diverse range of customer needs through its insurance, wealth, and retirement products, driving growth throughout the business. Overall, Aviva’s results demonstrate a strong trajectory for the company, with significant opportunities for further growth and expansion.

Aviva, the UK-based insurance company, has reported a 20% increase in profits for the first nine months of the year, ahead of its planned takeover of rival Direct Line. The company’s interim results, released on Thursday, showed a 20% rise in operating profit to £1.4 billion, driven by cost-cutting and a boost from its investment portfolio.

Aviva’s strong performance has sparked optimism among investors, who are keen to see how the company will fare under its new leadership. Last month, Aviva announced that it would acquire Direct Line, the UK’s largest car insurance provider, in a deal worth £2.3 billion. The takeover is expected to be completed by the end of the year, pending regulatory approval.

The insurance giant’s results have been boosted by a series of measures to reduce costs and improve efficiency. Aviva has cut overheads by £100 million, resulting in a 10% reduction in operating expenses. Additionally, the company has made significant progress in reducing its claims costs, which have fallen by 12% since last year.

Aviva’s investment portfolio has also performed well, with a return of 10.3% in the first nine months of the year. This has helped to boost the company’s profits and reaffirm its commitment to long-term value for shareholders.

Chief Executive Maurice Tulloch said: “Our strong results reflect the hard work and dedication of our employees, as well as the actions we have taken to drive efficiency and reduce costs. We are proud of our progress and are confident in our ability to continue delivering value to our customers and shareholders.”

Aviva’s takeover of Direct Line is expected to provide significant benefits, including increased scale, improved operations, and cost savings. The deal will also provide opportunities for growth and expansion, with Aviva targeting an additional 1 million new customers.

The acquisition is part of Aviva’s strategy to become a top-trending consolidator in the UK insurance market, and the company has assured investors that it has the financial resources and expertise to drive growth and deliver value.

Overall, Aviva’s strong performance and successful acquisition plans have sparked optimism among investors, who are eager to see how the company will build on its success in the coming years. With its commitment to efficiency, cost-cutting, and strategic growth, Aviva is well-positioned to achieve its goals and deliver long-term value to its shareholders.

Blanc Group, a Kenyan-based e-commerce platform, is poised for significant growth as Aviva, the UK-based insurance company, continues to drive investment. According to recent reports, Aviva has increased its stake in Blanc, a move that is expected to unlock the company’s full potential.

Blanc, which was launched in 2015, has been gaining traction in the East African region, offering a range of products, including electronics, home appliances, and fashion. The company’s success has been attributed to its user-friendly platform, competitive pricing, and efficient logistics network. With Aviva’s support, Blanc is set to expand its operations to other parts of Africa and potentially enter new markets globally.

The injection of funds from Aviva is expected to enable Blanc to scale up its operations, invest in technology, and strengthen its brand. The partnership is seen as a significant vote of confidence in the company’s ability to navigate the competitive e-commerce landscape and adapt to changing consumer habits.

Aviva’s interest in Blanc is not surprising, given the rapidly growing e-commerce market in Africa. The continent has seen a surge in online shopping, driven by the increasing adoption of mobile devices and the growing middle class. According to a recent report, Africa’s e-commerce market is expected to reach $75 billion by 2025, growing at a compound annual growth rate of 20%.

The partnership between Aviva and Blanc is expected to benefit both parties. Aviva will gain exposure to the growing African e-commerce market, while Blanc will benefit from Aviva’s experienced management team and access to new resources.

The development is seen as a significant milestone for Blanc, which has been facing stiff competition from established players in the market. The company’s ability to secure significant investment from a renowned global player like Aviva is a testament to its innovative approach and strong business fundamentals.

As Blanc continues to scale up, it is expected to create jobs and contribute to the growth of the Kenyan economy. The company’s partnership with Aviva is a significant step towards achieving its vision of becoming a leading e-commerce player in Africa. With the additional resources and expertise, Blanc is well-positioned to achieve strong growth and solidify its position in the competitive e-commerce space.

Andy Briggs, the current CEO of Phoenix Group, has been appointed as the new president of the Association of British Insurers (ABI) with immediate effect. Briggs will hold the position for the next two years, succeeding Tim Bailey, who has stepped down to become the CEO of Zurich’s life protection arm. Briggs brings over 30 years of experience in the industry, having previously served as CEO of Aviva’s life and insurance divisions.

As president, Briggs will focus on supporting economic growth, protecting customers, households, and businesses, and boosting returns on investments. He has expressed his commitment to working closely with ABI members and business leaders to achieve these goals.

Baroness Nicky Morgan, the ABI’s chair, welcomed Briggs’ appointment, noting his extensive experience in the UK’s insurance and long-term savings sector. She also thanked Bailey for his contributions to the ABI and wished him well in his new role.

In addition to Briggs’ appointment, the ABI has announced three new board members. Drazen Jaksic, CEO of Zurich UK, replaces Bailey, while Alistair Hargreaves, CEO of UK insurance at Admiral, replaces Cristina Nastres, and Chris Carroll, CEO of Bupa Insurance UK, replaces Alex Perry. Ken Norgrove, CEO of RSA’s UK and International operations, will remain the ABI’s deputy president.

Roamly, a travel and insurance provider, has expanded its presence in Canada through a series of strategic moves. The company acquired Canadian Access, a prominent player in the Canadian insurance industry, to strengthen its foothold in the region. This acquisition will enable Roamly to leverage Canadian Access’s extensive network and expertise to better serve its clients in the region.

As part of the expansion, Roamly has also established a new headquarters in Toronto, solidifying its commitment to the Canadian market. The company has also appointed Rich Sanders as its president, who will lead the newly formed Canadian operation. With his extensive experience in the insurance industry, Sanders is well-equipped to navigate the complexities of the Canadian market and drive growth for Roamly.

In addition, Roamly has partnered with Aviva, a leading insurance company in the UK, to form an enterprise partnership. This partnership will enable Roamly to tap into Aviva’s vast network and resources, further cementing its position in the Canadian insurance sector. The partnership will also provide Aviva with access to Roamly’s innovative travel insurance products and services, allowing it to expand its offerings to its clients.

The acquisition of Canadian Access and the establishment of a new headquarters will enable Roamly to better serve its clients in the region, providing them with tailored insurance solutions to suit their unique needs. The partnership with Aviva will further enhance Roamly’s capabilities, allowing it to stay ahead of the curve in the rapidly evolving travel insurance landscape. With these strategic moves, Roamly is poised to make a significant impact in the Canadian market, cementing its position as a leading player in the travel and insurance industry.

Aviva, a UK-based insurer, has expanded its Global Corporate & Specialty (GCS) division by introducing two new lines of business: Political Violence and Terrorism (PVT) and Accident and Health, available on the Lloyd’s market through Probitas. These new lines of business will become effective on February 1, 2025, marking a significant move towards Aviva’s strategy to become a “dual-platform London Market insurer”. The PVT line provides protection against global political violence and terrorism risks, complementing existing Accident and Health and Contingency offerings. The new lines will be underwritten by Aviva’s underwriting leads, who will maintain consistency by writing the new lines.

The PVT solution offers coverage for international businesses against worldwide exposures, with limits of up to £500m (approximately $622.23m) per risk available. Aviva plans to assess further opportunities to underwrite new lines of business through Probitas in the future. Luke Powis, head of Aviva GCS crisis management, emphasized the significance of this move, stating that it provides a comprehensive suite of crisis management products to brokers across both Aviva and Lloyd’s platforms.

The acquisition of Probitas in July 2024, which included the Lloyd’s platform and tenancy rights to Syndicate 1492, has enabled Aviva to offer a comprehensive suite of marine and specialty products on the Lloyd’s platform. Probitas Syndicate 1492’s chief underwriting officer, Antony Dodson, expressed pleasure in starting to write Accident and Health and PVT classes through Probitas. The partnership with automated reconciliation solution provider AutoRek was announced last month, aiming to enhance efficiency and compliance. The introduction of these new lines of business demonstrates Aviva’s commitment to providing comprehensive insurance solutions to its brokers and clients, while also unlocking new opportunities for its GCS business.

Aviva has announced the appointment of Craig Fazzini-Jones as its new Group Chief Operating Officer, effective March 1. He will report to Group CEO Amanda Blanc DBE and join the Group Executive Committee. In his new role, Fazzini-Jones will be responsible for overseeing the delivery of Aviva’s transformation strategy, as well as procurement, corporate services, and property across the group.

Fazzini-Jones is currently the COO of Aviva’s Insurance, Wealth, and Retirement business, where he is responsible for customer service, operations, outsourcing, and change delivery teams. His experience in these areas will be invaluable in his new role.

Aviva’s Group CEO, Amanda Blanc DBE, expressed her confidence in Fazzini-Jones’ abilities, stating that he will bring “energy and passion” to the role, which is critical to accelerating the company’s performance. The appointment is seen as a key step in the company’s efforts to drive growth and success.

As a member of the Group Executive Committee, Fazzini-Jones will play a key role in shaping the company’s strategy and direction. His expertise will be invaluable in helping Aviva achieve its goals and continue to grow and evolve as a business.

Overall, Aviva’s appointment of Craig Fazzini-Jones as Group COO is an important step in the company’s efforts to drive transformation and success. His experience and expertise will be a valuable asset to the company, and his new role will be critical in helping Aviva achieve its goals and continue to grow and thrive.

A recent survey by Aviva found that nearly one in five (19%) of UK adults have encountered potential or actual fire hazards in their homes due to air fryers. The most common issues reported were smoke coming from the air fryer (9%) and overheating (9%). Additionally, 3% of respondents have experienced an explosion and 3% have experienced a fire. Despite this, three in ten people would not know what to do if a fire broke out in their home due to an air fryer.

The survey also highlighted some concerning habits among air fryer users, including leaving the air fryer unattended (12%), using oil in the air fryer (8%), and using the air fryer in a non-ventilated area (6%). Aviva has received several significant home insurance claims relating to air fryer fires, with an average claim of £29,555. In one case, a customer’s kitchen was damaged to the tune of £80,000.

Aviva is urging people to exercise caution and follow simple practices to reduce fire risks when using air fryers. These include never leaving the air fryer unattended, avoiding excess oil, and ensuring proper ventilation. The insurer is also recommending that people keep a fire blanket and a fire extinguisher rated for electrical fires in the kitchen and have the right home insurance policy to protect against financial losses.

It’s crucial for air fryer users to be aware of the associated fire risks and take steps to reduce them. By following simple safety tips, such as following the manufacturer’s instructions, never leaving the air fryer unattended, and ensuring proper placement, users can significantly reduce the risk of a fire starting.

Analysts at UBS are warning that Aviva PLC’s upcoming 2024 results may bring negative surprises, citing concerns about the life insurance business and potential for below-consensus earnings. However, they also see potential upside from the general insurance business, particularly from Intact’s decent results for its Canadian business, which could result in a £30 million boost to their estimates. Additionally, UBS notes that Aviva itself has guided for an operating profit of £1.85 billion, which is below current market consensus estimates.

UBS also sees a risk from Aviva’s position as one of the most crowded stocks in the UK life insurance sector. Despite these concerns, the analysts at UBS still consider Aviva their “preferred pick” in the sector, with potential for significant EPS and DPS upside from the Direct Line deal, which is expected to close by mid-2025. They also expect an update on the deal from management around FY25 results.

Looking ahead, UBS sees the integration and synergies driving the valuation of Aviva, with potential for additional savings of £200 million compared to the guidance of £125 million. The bank is forecasting an operating profit of £2 billion for Aviva, excluding the Direct Line business. Overall, while there may be some negative surprises ahead, UBS believes the potential upside and strong long-term prospects make Aviva a good investment choice.

The Indian branch of British insurer Aviva has been ordered to pay $7.5 million in back taxes and penalties after an investigation uncovered fraudulent practices used to evade taxes. The investigation found that between 2017 and 2023, Aviva India paid around $26 million to vendors claiming to provide marketing services, but it turned out that these vendors were merely fronts to channel illicit commissions to Aviva’s agents, exceeding regulatory limits. The company claimed tax credits and evaded $5.2 million in taxes through fraudulent invoices and cash transactions.

The probe, conducted by the Joint Tax Commissioner Aditya Singh Yadav, concluded that Aviva had intentionally evaded taxes totaling INR 326 million ($3.8 million). As a result, Aviva was ordered to pay the entire amount, along with a 100% penalty, which brings the total to INR 653 million ($7.5 million).

Aviva India has announced that it will contest the decision through an appeal and assured that the order will not impact its operations. The company needs to take immediate action to rectify its actions and pay the amount owed to the tax authorities. The penalty is a significant setback for Aviva India, and it may face regulatory consequences in the future if it fails to comply with the order. The incident highlights the need for companies to ensure compliance with tax laws and regulations, and to maintain transparency in their business practices.

Indian tax authorities have ordered Aviva’s local unit to pay $7.5 million in back taxes and penalties after an investigation found that the company had created fake invoices to pay illegal commissions and claimed incorrect tax credits. The investigation revealed that Aviva India paid $26 million to vendors who were allegedly just a front to provide marketing services, but in reality, they were used to give agents unauthorized commissions. The company evaded $5.2 million in taxes by using a fake system of invoices and cash payments. Authorities have alleged that Aviva’s India unit used a schema to get bogus tax credits, and the move had a significant impact on the company’s business, which recorded a profit of only $10 million in the 2023-24 financial year.

Aviva India has denied wrongdoing and plans to contest the order through an appeal. The company has stated that the order will not impact its operations. However, the tax authorities claim that the company’s actions were intentional and that the vendors were merely puppets used to conceal the company’s nefarious activities.

The investigation, which began in 2020, alleges that Aviva’s transactions were designed to circumvent regulatory limits on agent commissions. The company allegedly hired “agent mentors” to train sales agents, who would then issue fake invoices to the company to facilitate excess commissions. The tax authorities have also presented screenshots of emails and messages between Aviva executives and insurance distributors, discussing ways to skirt compensation regulations using fake invoices.

Aviva’s India business is a joint venture with Dabur Invest, with Aviva holding 74% stake. The company’s operations in India face stiff competition from local and international insurers, making it essential for the company to grow its business. However, the tax authorities’ findings have cast a shadow over the company’s reputation and its ability to operate in the highly competitive Indian insurance market.

The Indian unit of British insurance company Aviva has been ordered to pay nearly $7.5 million in back taxes and penalties following a probe by the Indian tax authority. The investigation found that Aviva India had evaded taxes worth nearly $5.2 million, and engaged in fraudulent activities, including creating fictitious invoices and making incorrect tax credit claims.

Between 2017 and 2023, Aviva India made payments of around $26 million to vendors for marketing services, but these payments were allegedly used to provide agents with commissions exceeding regulatory caps. As a result, Aviva India made incorrect tax claims and evaded taxes.

The tax authorities have slapped a 100% penalty on Aviva India, making the total liability of Rs653 million. Aviva India has denied any wrongdoing, calling the allegations “incorrect and unsustainable” and stating that the vendors provided legitimate services.

However, the investigation findings suggested that Aviva executives and insurance distributors had discussed circumventing compensation limits through fraudulent invoices and improper tax credit claims. The company had also allegedly hired “agent mentors” to issue fake invoices and facilitate excess commission payments.

Aviva India is planning to contest the tax order, despite the evidence presented by the tax authorities. The company’s denial of any misconduct is in contrast to the investigation findings, which indicate that Aviva executives and insurance distributors had been involved in fraudulent activities.

Aviva plc is a UK-based insurance, wealth, and retirement business company that operates in multiple segments, including UK & Ireland Insurance, General Insurance, and Aviva Investors, International investments, and Other Operations. The company’s UK & Ireland Life operations focus on providing life insurance, long-term health and accident insurance, savings, pensions, and annuity business. Its UK & Ireland General Insurance operations offer insurance cover to individuals and businesses for motor vehicle, property, and liability, as well as medical expenses. The Canada General Insurance operation provides personal and commercial lines insurance products for motor, property, and liability risks, distributed through insurance brokers.

In addition to its insurance business, Aviva also operates Lloyd’s, a leading market for global risk transfer and a global specialty market for reinsurance. The Lloyd’s platform consists of its Corporate Member, Managing Agent, international distribution entities, and tenancy rights to Syndicate 1492. This platform allows Aviva to offer a range of insurance products and services to its customers.

Overall, Aviva’s business operations are diverse and far-reaching, with the company providing a range of insurance products and services to individuals and businesses across the UK, Ireland, and Canada. Its presence in these markets and its ability to adapt to changing market conditions have enabled the company to maintain its position as a leading insurance provider in the region.

Indian tax authorities have ordered Aviva’s local unit to pay $7.5 million in back taxes and penalties after an investigation found that the company created fake invoices to pay illegal commissions and claimed incorrect tax credits. The tax demand is significant for Aviva’s India business, which reported a profit after tax of only $10 million in the 2023-24 financial year.

The tax authorities alleged that Aviva India paid about $26 million to vendors who purportedly provided marketing services, but were actually used to provide excess commissions to agents beyond regulatory limits. Aviva incorrectly claimed tax credits and evaded $5.2 million in taxes, authorities said.

The investigation found that Aviva used a system of fake invoices and cash payments to evade taxes, and that the vendors were “puppets” used to conceal the company’s actions. The company has denied wrongdoing, saying the allegations are “incorrect and unsustainable” and that the vendors were real and provided services to the company.

This is a significant development for Aviva’s India business, which is facing stiff competition in the country’s insurance market. The company’s operations in India are run in a joint venture with Dabur Invest Corp., a prominent local firm. Aviva owns 74% of the business, up from 49% in 2022.

Aviva has stated that it will contest the tax order through an appeal and that the order will not impact its operations. However, the tax demand is a significant blow to the company’s India business, which is already struggling to grow. The situation is also a setback for the company’s reputation in India, where it has been accused of using dubious practices to lure customers.

The Indian government has ordered Aviva’s local unit to pay $7.5 million in back taxes and penalties after an investigation found the insurer’s India business created fake invoices to pay illegal commissions and claimed incorrect tax credits. The investigation, which began in 2023, revealed that Aviva paid $26 million to vendors who purportedly provided marketing services, but were actually fronts to give agents excess commissions beyond regulatory limits. As a result, Aviva allegedly evaded $5.2 million in taxes by using a system of fake invoices and cash payments.

The tax authority, the Income Tax Department, found that Aviva’s India business had recorded a profit after tax of only $10 million in the 2023-24 financial year, making the $7.5 million tax demand significant. Aviva faces stiff competition in the Indian insurance market, and the order could impact its growth plans.

Aviva has denied any wrongdoing, stating that the allegations are “incorrect and unsustainable” and that the vendors were not fake. However, the tax authority has maintained that the vendors were “puppets” used to conceal the company’s scheme to obtain bogus tax credits. Aviva plans to appeal the order, which it claims will not impact its operations. Dabur Invest Corp., Aviva’s joint venture partner, has not commented on the matter.

The incident highlights the challenges faced by multinational companies operating in India, where tax authorities are increasingly scrutinizing their transactions to ensure compliance with local laws and regulations. The case is a major setback for Aviva’s India business, which has been struggling to compete in a highly competitive market.

Aviva India has announced the appointment of Ali Onder Lulu as its new Chief Distribution Officer. In this role, Lulu will be responsible for driving the insurer’s distribution strategy, building partnerships, and expanding its sales network across the country.

Lulu brings over 25 years of experience in the insurance industry, with a strong background in leadership, business development, and distribution. He has held various leadership positions at AVIVA, most recently serving as the Managing Director of AVIVA General Insurance, and has also worked with other prominent insurance companies in India, including Liberty Vide and HDFC-ERGO.

In his new role, Lulu will focus on strengthening Aviva India’s distribution network, growing its sales force, and developing strategic partnerships with various distribution channels, including agents, brokers, and online platforms. He will also work to enhance the company’s customer experience, including claims processing, customer service, and product offerings.

Lulu’s appointment is seen as a strategic move by Aviva India to strengthen its position in the country’s competitive insurance market. With his vast experience and leadership skills, he is expected to play a key role in achieving the company’s growth ambitions and customer-centric goals.

Rupak adherence to good business practices and his deep understanding of the Indian insurance industry, Lulu will also help Aviva India stay ahead of the competition by leveraging the latest trends, technologies, and market insights to deliver innovative and customer-centric solutions.

The new Chief Distribution Officer will also focus on expanding Aviva’s presence in rural and tier-II cities, where there is significant growth potential and untapped demand for insurance products. His experience in building distribution channels and … ability to connect with various stakeholders will be crucial in driving growth and revenue for the company.

In a statement, Aviva India’s MD, Daresh Bhan Jubber, welcomed Lulu to his new role and expressed confidence that his extensive experience and leadership skills will help drive the company’s growth and expansion plans.

Aviva, a leading insurance provider, has appointed Craig Fazzini-Jones as its new group chief operating officer (COO). In this role, he will be responsible for overseeing corporate services and property across the group, with the aim of supporting the company’s “transformation delivery”. Fazzini-Jones will report directly to Aviva’s group chief executive, Amanda Blanc, and will join the company’s executive committee.

This promotion marks a significant milestone in Fazzini-Jones’ career, as he assumes a key role in driving Aviva’s future performance. Fazzini-Jones has an impressive background in the insurance industry, having joined Aviva in 2021 as chief operating officer for insurance, wealth, and retirement. He later took on additional responsibilities as a non-executive director for Aviva Life and Pensions in Ireland in 2024.

Prior to joining Aviva, Fazzini-Jones held the position of chief operating officer at Canada Life UK from 2018. With his extensive experience and expertise, Fazzini-Jones is well-equipped to drive Aviva’s transformation efforts and contribute to the company’s long-term success. Upon announcing his new role, Fazzini-Jones expressed his excitement and honor to be taking on this new challenge, reflecting his enthusiasm and commitment to the company.

Amanda Blanc, Aviva’s group CEO, praised Fazzini-Jones, stating that she is confident he will bring energy and passion to the role, supporting the acceleration of Aviva’s performance. With Fazzini-Jones’ appointment, Aviva is poised to benefit from his wealth of experience and expertise, as he works alongside the company’s executive team to drive its future growth and success.