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View the article online at http://citywire.co.uk/wealth-manager/article/a632618

Aviva sell-off set to continue as nine stage turnaround plan is unveiled

by Alex Steger on Nov 08, 2012 at 08:13

Aviva sell-off set to continue as nine stage turnaround plan is unveiled

Aviva has confirmed it is in talks to sell off its US life and pension business and is looking to dispose of eight further business divisions, as it continues in its global restructure.

The provider also unveiled a nine point transformation plan which includes eliminating unsuccessful products, launching existing life and pensions products into new markets, and re-pricing products.

It said its review of its head office, support activities and non-staff costs was well advanced.

UK life sales were flat due to the provider’s decision to dispose of its bulk annuity business.

Excluding bulk purchase annuities, UK life and pensions sales were up 3%. Individual annuities were up by 11% and group personal pension sales were up by 15%.

The company also said it was looking to refocus its life insurance distribution away from less-profitable building society partnerships.

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