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International mutual funds run by Aviva Investors and Principal Global Investors were among the biggest sellers of Brazilian miner Vale's stock in January, data from Morningstar showed. The data from the industry tracker gives an early glimpse into the willingness of international investors to hold the stock after Vale's mining waste dam collapsed on Jan. 25, killing hundreds. Closure of some operations for safety reasons, however, buoyed the price of iron ore, Vale's key revenue earner.
When Fahad Sayood found out in late 2017 that he would be eligible to take six months’ leave, at full pay, after the birth of his second child, he was thrilled. Mr Sayood is head of financial risk at Aviva, one of the UK’s biggest insurers. Just over a year ago, the company introduced a worldwide “equal parental leave” policy, under which all new parents, male and female, can take up to a year off after the birth or adoption of a child, including 26 weeks at full basic pay.
NMC Health and insurers Aviva and Admiral all slipped after earnings reports. The FTSE 100 was down 0.5 percent, while the FTSE 250 gave up 0.9 percent and was on track for its worst week in more than two months.
British insurer Aviva on Thursday said it planned to change the way it pays dividends as part of efforts to cut debt, taking the shine off in-line full-year earnings and sending its shares lower. Aviva, which sells everything from life to car insurance, said it would move from a fixed payout ratio to a progressive dividend linked to underlying growth, giving the board more flexibility to make adjustments. The results are the first under new Chief Executive Maurice Tulloch, who took up his job this week following the ouster of former boss Mark Wilson in October.
Can this be what Mr Tulloch promised in the job interview? Earnings per share growth is now expected to slow, which Mr Tulloch’s chief financial officer blamed on “the unknown future impacts of Brexit”.
Maurice Tulloch, Aviva’s new chief executive, said he was “determined to re-energise” the insurance company whose share price has lagged behind rivals for years over concerns about its potential for growth. Mr Tulloch plans to improve the “fundamentals of being a great insurance company” and make sure that strategic and financial decisions are “well rooted in commercial sense”.
More of the same may be just what the British insurer needs, but changing investors’ negative view of that strategy could require time. It’s a luxury incoming CEO Maurice Tulloch is unlikely to have. After unceremoniously jettisoning his dealmaking predecessor, Mark Wilson, the insurer is trying to find a way to persuade investors to warm to his creation – and head off pressure for a more drastic overhaul.
When Andy Briggs did a no-show at a recent insurance industry chinwag, tongues started wagging that the former front-runner for the top job at Aviva had been pipped at the post. Briggs, who joined Aviva when the insurance giant bought Friends Life, had been surpassed by company lifer Maurice Tulloch. Louder and, dare I say it, more charismatic than the cerebral Briggs, Tulloch’s elevation makes sense, even though his current international role seems smaller than Briggs’s job of overseeing the core UK operation.
THE UK’s biggest insurer Aviva named veteran insider Maurice Tulloch as its next chief executive on Monday, tasked with “re-energising” sluggish growth at the company. The FTSE 100 giant’s board, which ousted former chief Mark Wilson in October, finally approved Tulloch’s appointment last night. It picked him ahead of the other front-runner Andy Briggs, who heads Aviva’s UK insurance business.
England's High Court on Tuesday gave Aviva, Britain’s second largest insurer, approval to transfer around £9 billion in assets to a new Irish company just before the starting gun is fired on Brexit. The move, timed for 2259 GMT on March 29, is part of a wider withdrawal of business and money by financial companies seeking to keep contracts and policies within the European Union even after Britain departs. Brexit formally takes effect at 2300 GMT on March 29.
Two insiders are favourites to be the next CEO of Aviva according to sources, potentially disappointing some expectations for a major strategic re-think at Britain's second biggest insurer. Andy Briggs, head of the company's UK insurance business, or Maurice Tulloch, who leads its international insurance arm, are frontrunners to land the job, which one source said was expected to be decided by the board on Feb. 4. Aviva's decision in October to replace chief executive Mark Wilson prompted analysts and investors to speculate this might mean a major shift from the company's "composite" model under which it sells everything from life to car insurance.
SAN FRANCISCO, Jan. 16, 2019 /PRNewswire/ -- Outdoorsy (outdoorsy.com), the world's fastest-growing outdoor recreation marketplace powering road trips and recreational vehicle adventures, and Aviva Ventures, the corporate venture capital fund for Aviva Plc (AV.L), announced today that Outdoorsy has raised $50 million USD in Series C funding led by Greenspring Associates. The round includes continued participation from Aviva Ventures, Altos Ventures, AutoTech Ventures and Tandem Capital.
Rating Action: Moody's Investors Service assigns definitive rating to Italian CDQ ABS Notes issued by Marzio Finance S.r.l. Milan, November 21, 2018 -- Moody's Investors Service ("Moody's") has today assigned the following definitive long-term credit rating to the Series 4-2018 of ABS Notes issued by Marzio Finance S.r.l.
Global insurance regulators will suspend designating globally systemically important insurers, who are required to hold extra capital, in a victory for companies such as American International Group (AIG.N) and Prudential (PRU.L). The International Association of Insurance Supervisors (IAIS) said it wants to replace the list of "too big to fail" insurers, last published in 2016, with a broader framework from 2020. In the aftermath of the global financial crisis, regulators singled out systemically important insurers who then face onerous bank-like capital rules to cover potential losses, increasing costs and potentially reducing shareholder returns.
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The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Aviva ousts chief as it cites need for 'new leadership' ...
Shares of Aviva – which had fallen 8 percent this year – rose as much as 2.3 percent on Tuesday's announcement, despite the company being left without an official CEO. Chairman Adrian Montague will temporarily take the reins, backed up by three executives. There have been some obvious improvements since 2013: net profit doubled between then and 2017, and Aviva paid out dividends at a bumper rate.
By Simon Jessop and Sinead Cruise LONDON (Reuters) - Aviva (AV.L) is replacing its chief executive Mark Wilson after his sweeping transformation of the British insurer did not deliver the returns shareholders ...