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Aviva

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For other uses, see Aviva (disambiguation).
Aviva plc
Company typePublic limited company
(LSE: AV, NYSE: AV)
IndustryInsurance
PredecessorGeneral Accident Edit this on Wikidata
Founded2000
HeadquartersSt Helen's Tower
London, United Kingdom
Key people
Lord Sharman, Chairman
Andrew Moss, CEO
ProductsLife insurance
Pensions
General Insurance
Revenue£58,401 million (2010)[1]
£2,834 million (2010)[1]
£1,892 million (2010)[1]
Number of employees
46,000 (2010)[2]
Websiteaviva.com

Aviva plc (LSE: AV., NYSE: AV), usually known as Norwich Union, is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries.[3] It is the market leader in both general insurance and life and pensions in the UK and has major businesses in Continental Europe, North America and Asia.[3]

Its primary listing is on the London Stock Exchange and it is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange.

History

Aviva can trace its history back to Hand in Hand Fire & Life Insurance Society in 1696.[4]

It was created by a merger of Norwich Union and CGU plc[5] (itself created by the 1998 merger of Commercial Union and General Accident[6]) as CGNU 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.[7]

In July 2006, Aviva greatly increased its presence in the United States by acquiring AmerUs Group, a financial services company founded in 1896.[8] 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.[9] 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[10]

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).[11]

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 to play the part of a successful hairdresser running three salons. The message of the campaign focused on business insurance through insurance brokers.[12] 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.[13]

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
  • Spain
  • 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
  • Italy – Aviva Italia Holding S.p.A.
  • South Korea

Senior management

CEO Richard Harvey retired on 11 July 2007. His successor was Andrew Moss, the former group finance director.[14] Moss is paid an annual base salary of £925,000 for his role as Chief Executive.[15]

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.[16] It also acquired the naming rights for the redeveloped Lansdowne Road stadium in Dublin, Ireland, and will now be called the Aviva Stadium.[17]

In 2010, Aviva also took over sponsorship of rugby union's English Premiership from Guinness. The four-year sponsorship deal is valued at £20 million.[18]

References

  1. ^ a b c "Preliminary Results 2010" (PDF). Retrieved 17 April 2011.
  2. ^ "About us". Aviva.com. Retrieved 17 April 2011.
  3. ^ a b "Company Overview" (PDF). Aviva plc. Retrieved 23 August 2010.
  4. ^ "Aviva Heritage Events Timeline". Aviva plc. Retrieved 29 April 2011.
  5. ^ "CGU and Norwich Union merge". BBC News. 21 February 2000.
  6. ^ "Commercial Union, General Accident join". [dead link]
  7. ^ "RAC History". Racnews.co.uk. 31 December 2007. Retrieved 17 April 2011.
  8. ^ "AmerUS completes Aviva merger". Findarticles.com. 2006. Retrieved 17 April 2011.
  9. ^ Cockcroft, Lucy (22 December 2008). "Bruce Willis and Elle Macpherson star in £9 million Norwich Union advert". The Daily Telegraph. London.
  10. ^ "Shortlist announced for the Transform Awards for rebranding". Communicate magazine. January 2010.
  11. ^ NAB buys Aviva to become biggest life insurer Sydney Morning Herald, 22 June 2009
  12. ^ Baker, Rosie (2 October 2009). "Aviva launches first ad aimed at business". Marketing Week. Retrieved 3 November 2009.
  13. ^ Aviva Corporate social responsibility report 2008[dead link]
  14. ^ "Aviva lines up new Chief Executive". [dead link]
  15. ^ "Directors' remuneration report". Annual report and accounts 2008. Aviva. Retrieved 23 August 2009.
  16. ^ EU Football.
  17. ^ New Lansdowne Road to be called the Aviva Stadium Belfast Telegraph, 12 February 2009
  18. ^ Aviva Premiership Table BBC Sport

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