Aviva

Aviva is a general insurance, life insurance, pensions provider and asset management company headquartered in London. It was founded in 2000 from the merger of Norwich Union and CGU. Aviva Investors is an asset management company that is part of the Aviva group.

Aviva has been active in the sale and acquisition space in recent years. In September 2017, it completed the sale of half of its shareholding in its Spanish life and pensions joint venture, with the rest of its Spanish businesses being sold in February 2018. Aviva announced the sale of offshore business Friends Provident International in July 2017.

It bought a majority stake in robo-investment service Wealthify in October 2017. Wealthify offers Isas and general investment accounts that invest in the five model portfolios it manages. Aviva wished to make these available through its digital hub MyAviva. It then acquired Irish pensions, life and investment provider Friends First Life Assurance Company for £116m in November 2017.

In December 2017 Aviva Investors capped charges within its £2.2bn risk-rated multi-asset range. Aviva Investors co-manager of the multi-asset and multi-manager fund ranges Tom Wells said the firm capped the ongoing charge figure as opposed to the annual management charge cap so that clients knew what they were paying upfront.

A bulk annuity deal in February 2018 saw the Sea Containers 1983 Pension Scheme being insured by Aviva in a £187m buy-out. A similar £600m deal in 2017 saw Aviva buy-in to the Pearson Pension Plan. The firm said it saw bulk annuities as a “significant growth opportunity” for its UK and Ireland business.

In March 2018, Aviva’s UK adviser platform reported a 56 per cent increase in assets under management in 2017, although that business was included in a loss-making division of the group. Overall, the Aviva group reported operating profit of £3.1bn in 2017, which was a 2 per cent increase on the previous year.