Aviva
From Wikipedia, the free encyclopedia
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| Type | Public (LSE: AV.) |
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| Founded | 2000 |
| Headquarters | London, United Kingdom |
| Key people | Lord Sharman, Chairman Andrew Moss, CEO |
| Industry | Insurance |
| Products | Life insurance Pensions |
| Revenue | £36,206m (2008) |
| Operating income | £2,297m (2008) |
| Net income | £(885)m (2008) |
| Employees | 57,000 (2009) |
| 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 group 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, notably France and The Netherlands.
Aviva plc is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
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[edit] History
The Company was formerly called CGNU, and was created by a merger of Norwich Union and CGU plc[1] (itself created by the 1998 merger of Commercial Union and General Accident[2]) 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.[3]
In July 2006, Aviva greatly increased its presence in the United States by acquiring AmerUs Group, a financial services company founded in 1896.[4] 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 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.[5]
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.[6]
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.[7] The closing line of the campaign was "We're in business to keep you in business".
[edit] Operations
The Company's main activities are general and life insurance as well as long-term savings and fund management. It has around £316 billion of assets under management.[8] The group has 54,000 employees, including just under 30,000 in the UK, serving 50 million customers worldwide.
Aviva was the first insurance company to become carbon neutral globally.[9]
[edit] Companies
- 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 of America - Aviva USA Corporation
- Ireland
- Poland - Aviva
- Netherlands - Delta Lloyd Groep
- Romania - Aviva
- Canada - Aviva Canada
- France - Eurofil
- Republika Srpska - Jahorina Banka (cyrllic)
- Australia
- China - Aviva-Cofco
- India - Aviva India
- Malaysia - CIMB Aviva
- Singapore
- Turkey
- Taiwan - First Aviva (in Chinese language)
- Sri Lanka
- Russia
- Lithuania
- Croatia - Ariva Nava Banka
- Italy - Aviva Italia Holding S.p.A.
[edit] Company name
The company name, Aviva, is a Hebrew name meaning Spring or Renewal (as in Tel Aviv)[10], though this is thought to be co-incidental.
[edit] 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.[11] It also acquired the naming rights for the redeveloped Lansdowne Road stadium in Dublin, Ireland, and will now be called the Aviva Stadium.[12]
[edit] Senior management
CEO Richard Harvey retired on 11 July 2007. His successor was Andrew Moss, the former group finance director.[13] Moss is paid an annual base salary of £925,000 for his role as Chief Executive.[14]
[edit] References
- ^ CGU and Norwich Union merge
- ^ Commercial Union, General Accident join
- ^ RAC History
- ^ AmerUS completes Aviva merger
- ^ Bruce Willis and Elle Macpherson star in £9 million Norwich Union advert
- ^ NAB buys Aviva to become biggest life insurer Sydney Morning Herald, 22 June 2009
- ^ Baker, Rosie (2009-10-02). "Aviva launches first ad aimed at business.". Marketing Week. http://www.marketingweek.co.uk/aviva-launches-first-ad-aimed-at-business/3005105.article. Retrieved 2009-11-03.
- ^ Aviva plc Annual Report 2007
- ^ Aviva Corporate social responsibility report 2008
- ^ Hebrew naming guide
- ^ EU Football.
- ^ New Lansdowne Road to be called the Aviva Stadium Belfast Telegraph, 12 February 2009
- ^ Aviva lines up new Chief Executive
- ^ "Directors' remuneration report". Annual report and accounts 2008. Aviva. http://www.aviva.com/reports/2008ar/page46/. Retrieved 23 August 2009.
[edit] External links
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