Aviva links its arms
AVIVA is shaking up the management of its UK operations in moves to bring the general and life insurance arms closer together.
The insurance giant has appointed UK life boss Mark Hodges into the new post of chief executive UK while general insurance head Igal Mayer will run the group’s North American businesses. Its present chief Tom Godlasky is retiring having overseen a doubling in the US business since 2006.
The company said it had already transformed its UK businesses through an extensive restructuring, which will deliver cost savings of £450million by 2010. It said the time was now right to “bring the two UK businesses closer together under a single chief executive”.
The move is unlikely to result in any further sizeable job cuts. Instead, the firm said it would benefit from further economies as a result of the business being bigger.
It follows the decision to scrap the Norwich Union name in favour of Aviva.
Aviva will now look to step up cross-selling of products between the life and general insurance sides.