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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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Nigel Prideaux
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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:

  • For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/
  • We exist to be with people when it really matters, throughout their lives – to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’.
  • In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.
  • Aviva is invested in our people, our customers, our communities and our planet. We were the first international insurer to go operationally carbon neutral in 2006, we have invested £6bn in green assets since 2015 and we are a member of the UN Net Zero Asset Owner Alliance.
  • Aviva is a Living Wage 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 www.aviva.com/social-purpose
  • We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our international businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.
  • Total group assets under management at Aviva group are £522 billion (HY20) and our Solvency II capital surplus is £11.8 billion (Q320). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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