One Aviva
In 2007 we set our strategy to grow and transform Aviva to compete on a global scale. Nearly three years on, despite difficult market conditions, every day around the world we continue working to realise our vision ‘One Aviva, Twice the Value’. By working together closely, we are transforming our business, optimising our performance and maximising the value we generate for all our stakeholders.
Group chief executive’s review
2009 has been a year of strong financial performance and delivery against our strategic plans. Here our Group chief executive Andrew Moss discusses our performance in 2009, as well as some highlights and successes.
Group strategy
Our purpose is to deliver prosperity and peace of mind to our customers. We will do this by realising our vision: ‘One Aviva, Twice the Value’
Manage composite portfolio
Build global asset management
Allocate capital rigorously
Multi-channel customer reach
Boost productivity
Group structure
UK |
Europe |
North America |
Asia Pacific |
Aviva Investors |
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Products
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Products
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Products
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Products
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Products
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Distribution
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Distribution
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Distribution
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Distribution
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Distribution
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Employees21,6632008: 28,424 |
Employees16,0382008: 16,501 |
Employees5,2472008: 5,627 |
Employees1,5992008: 2,376 |
Employees1,3112008: 1,298 |
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UKOur life and general insurance businesses are based in York and Norwich respectively, with operations spread across the UK. We also have overseas operations in India and Sri Lanka |
European Locations
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North American Locations
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Asia Pacific Locations
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Aviva Investors
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* Delta Lloyd operations
**Australia business disposed of on 1 October 2009
Board of directors
The Board is responsible to the shareholders for ensuring that the Company is appropriately managed and achieves its objectives. The Board determines strategic direction, reviews performance and provides support and expertise to the executive management team, responsible for the day to day management of the Company.
Executive management team
- Andrew Moss
- Group chief executive
- Pat Regan
- Chief financial officer
- Mark Hodges
- Executive director,
- Chief executive UK Life
- Andrea Moneta
- Europe to Executive director, Chief executive Aviva Europe, Middle East and Africa
Delta Lloyd IPO
In November 2009 Aviva successfully completed an IPO of Delta Lloyd which is now listed on NYSE Euronext Amsterdam. Aviva retains 58% of the ordinary share capital and 54% of the voting rights in Delta Lloyd after having raised £1 billion of gross disposal proceeds. As part of the IPO, Aviva and Delta Lloyd have agreed a new corporate governance framework consistent with Dutch market practice. Aviva retain the right to nominate two Delta Lloyd Supervisory Board members and are required to approve any transaction which would result in Aviva’s voting rights being diluted below 50%.
The benefits of this transaction are clear to both Delta Lloyd and Aviva:
Its listing enables Delta Lloyd to strengthen its profile and brand. They also benefit from a new shareholder base supportive of their growth ambitions to become one of the three largest insurance companies in the Dutch market and one of the five largest insurance companies in the Belgian market, ahead of anticipated sector consolidation in those countries.
For Aviva’s part, the IPO enabled the group to monetise part of its holding in Delta Lloyd, giving greater financial flexibility, and generated an IGD solvency benefit of £0.5 billion. It will also enhance the value and liquidity of Aviva’s retained stake in Delta Lloyd.
Andrew Moss, group chief executive of Aviva, said: “The IPO of Delta Lloyd is another important development in the delivery of the strategy we laid out in 2007. This step, which will be the largest IPO in Western Europe this year, will free up capital for us to use elsewhere and will give us the option of exploring further growth opportunities.”
For more information on the Delta Lloyd IPO visit www.aviva.com
Global rebrand
The Aviva brand was born out of a desire to put in place the initial building blocks for creating a single global brand. We needed to create a brand that was truly international, that could be said in any language – a blank canvas on which we could paint, to create the kind of brand we wanted.
Our research showed that while there were several strong local brands, our businesses would benefit from being branded more clearly as part of a well-known parent group. Creating a new international brand would achieve better value for money in marketing, advertising and sponsorships. It would help entry into new markets, and give staff and customers a clearer sense of direction and purpose. So in July 2002 Aviva was formed. Since then, over 40 brands have been migrated to Aviva including Norwich Union in the UK in June 2009 and Hibernian in Ireland at the start of 2010. June 2010 will see the completion of our migration to single brand when Aviva Commercial Union in Poland becomes Aviva.
The creation of a single global brand is a key part of delivering “One Aviva, twice the value” and the implications go far beyond changing the name on our brochures and signs. Through ensuring that Aviva operates in a consistent and integrated way across our markets, we will make it easier for our commercial partners, shareholders and regulators to do business with us.
At the heart of moving to a global brand is our commitment to creating a strong, unified business that understands what our customers need, and is organised in a way that can deliver consistently. This means using our resources and expertise from across Aviva to create ways of delivering prosperity and peace of mind for all of our 53 million customers, wherever they are around the globe.