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 Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter