It looks like change is on the way for British insurance giant Aviva particularly in its home market, if reports are to be believed.
Citing “observers,” the Financial Times said the insurer is slated to reveal a major restructure of its UK operations in the first week of June, with the separation of the life and non-life divisions as the likely scenario.
This would come following Aviva’s recent annual general meeting at which new chief executive Maurice Tulloch (pictured) described the firm as “too complex” and whose cost to income ratio is higher than it should be.
According to the report, Aviva investors will be provided with an update on Mulloch’s vision on June 06.
Currently in charge in the UK is interim CEO Angela Darlington, Aviva’s group chief risk officer who was tapped to step in upon the departure of UK insurance chief executive Andy Briggs last month. Meanwhile Briggs is on hand until October 23 to assist with the transition.
“Under Andy’s leadership Aviva has made substantial progress in the UK over the last four years, integrating Friends Life and consolidating its position as the UK’s leading insurer,” stated Aviva in April.
“With Andy moving on, Maurice Tulloch will lead a review of the UK businesses to ensure the appropriate management structure to build on that success for the future.”