Aviva to create holding firm in Ireland
European base in Ireland: Aviva. Photo: Bloomberg News
Thursday October 22 2009
Aviva, the UK’s second-biggest insurer, said it plans to realise "significant opportunities" by centralising all of it's European units in a single holding company in Ireland.
The holding company’s headquarters have been established and a new management team will integrate the insurer’s 12 European businesses, excluding Delta Lloyd, the company said today in a statement.
“Aviva is taking a quantum leap in Europe with one way of operating across the region,” Andrea Moneta, Chief Executive Officer for Europe, said in the statement.
“This will improve the quality of our products, drive efficiency and create significant value for Aviva’s customers and shareholders.”
Aviva’s Chief Executive Officer Andrew Moss said in August the company is on the lookout for acquisitions as the recession helped to drive down the cost of financial assets.
Moneta last month joined Moss and Finance Director Philip Scott on the insurer’s board, giving him more authority to pursue his strategy in Europe.
Aviva operates in 15 countries in Europe and in the first half got 50pc its new life and pensions sales from the region. Europe also provided 44pc of the group’s operating profit in the period.
Before joining Aviva in 2008, Moneta was a managing director at Dubai Financial Group and finance director at UniCredit SpA. He has also worked for the European Central Bank.
- Kevin Crowley
© Bloomberg
