Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter