Aviva appoints Jason Windsor as Chief Financial Officer

Aviva plc (“Aviva” or the “Company”) has appointed Mr Jason Windsor as Chief Financial Officer and Executive Director of the Company with effect from 26 September 2019.

Chief Financial Officer, Jason Windsor

Jason became Interim Chief Financial Officer on 1 July 2019 and was previously Chief Financial Officer of Aviva UK Insurance. Jason joined Aviva in 2010 and has extensive experience of the group, including as Chief Capital and Investments Officer, and as a member of the Aviva Leadership Team.

Jason is exceptionally well qualified to be our CFO. He has a proven track record as CFO of our UK business and a deep understanding of Aviva and the markets we operate in. Jason is a very strong addition to the Board and will bring a strong analytical and commercial perspective.

Jason Windsor’s appointment has been approved by the PRA and FCA.

This announcement is made pursuant to Listing Rule 9.6.11.

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Jason joined Aviva in 2010 as Strategy and M&A Director.

In 2013 he became Chief Strategy and Development Officer. He was responsible for group strategy, M&A, financial planning and analysis, and group executive oversight of Aviva Investors.

In 2014, Jason was appointed Chief Capital and Investments Officer focusing on group capital, investments, ALM, treasury, and reinsurance.

In August 2016, Jason became UK Life Chief Financial Officer and in October 2017, UK Insurance Chief Financial Officer. During this period, he helped successfully integrate Aviva Life and Friends Life and grow the capital base and remittances.

Before Aviva, Jason spent 15 years at Morgan Stanley, latterly as managing director in the Financial Institutions Group, focusing on corporate finance, M&A, and regulatory capital.

Jason holds a BA in Chemistry from Worcester College, Oxford.

Remuneration arrangements

The main elements of Jason Windsor’s remuneration package, which is consistent with the Directors’ Remuneration Policy approved by shareholders in 2018, will be as follows:

  • Basic annual salary: £675,000.  The next salary review date will be April 2020.
  • Pension: Jason will receive pension contributions of 14% of salary in line with the maximum employer contribution level available to the majority of UK based employees.
  • Standard benefits, including private family medical insurance and life insurance.
  • Maximum annual bonus: 150% of basic salary. Two thirds of any award deferred into shares which will vest in three equal tranches over three years.
  • Long-term incentive award: Long-Term Incentive Plan awards are typically 225% of basic salary with awards vesting after three years, and only if specific financial and shareholder return targets are met. There is a further two-year holding period for the awards after vesting.  The first award will be granted in 2020, no award will be granted on appointment.
  • Shareholding requirements: Jason will be required to build a shareholding in Aviva to the value of 200% of his basic salary and to retain 50% of the net share releases from his deferred bonus and LTIP awards until this requirement is met.  At the date of this announcement, Jason holds 417,805 ordinary shares of Aviva and this requirement has currently been met.
  • Notice period: 6 months’ notice period by the individual, 12 months by the Company.

In accordance with paragraph LR 9.6.13R of the listing rules, Aviva confirms there is no information to be disclosed in terms of LR 9.6.13R (1) to LR 9.6.13R (6) inclusive in respect of Jason Windsor.

Notes to editors:

  • We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
  • We help our 19.2 million (as at 31 December 2023) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers. 
  • In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
  • Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
  • As at 31 December 2023, total Group assets under management at Aviva Group were £376 billion and our estimated Solvency II shareholder capital surplus was £8.8 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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