Aviva mulls sell-offs as new boss Blanc vows British focus
AVIVA could launch a wave of corporate sell-offs in a back-to-basics drive as its new boss focuses her attention on the UK insurance sector.
Amanda Blanc, the chief executive, vowed to concentrate on growing the FTSE 100 firm’s strongest businesses in Britain, Ireland and Canada – even if that meant cutting back operations elsewhere in the world.
Speaking a month into the top job after predecessor Maurice Tulloch was ousted amid demands for a faster turnaround, she also warned the dividend could be cut following a review later this year. The shake-up will raise questions over the future of Aviva’s operations in Europe and Asia, which serve millions of customers.
Ms Blanc said there may be “better owners for these businesses than Aviva in the longer term”, but would not be drawn on specific sale plans.
It will pay a second interim dividend of 6p per share after cancelling its fullyear payout for 2019 earlier in the pandemic due to regulatory pressure.