Aviva News

UK’s Aviva Selling $1.3B in Tobacco Company Holdings

Aviva, Britain’s biggest life insurer, is selling about 1 billion pounds ($1.3 billion) worth of bonds and shares it holds in tobacco companies, joining a global campaign to divest from the industry. The move by insurance companies to sell holdings in tobacco …

British Insurer Aviva to Launch Small Business Cyber Product

British insurer Aviva plans to launch a new product to cover small and medium-sized businesses against cyber attacks later this year as part of an expansion of its specialist insurance division, its chief executive for UK insurance said. Aviva, which made 3 billion pounds …

Munich Re, Aviva Ventures Invest in UK Connected Home Insurer Neos

Neos, a UK connected home insurer, announced last week it has secured a £5 million (roughly $6.4 million) series A investment led by Aviva Ventures together with strategic partner Munich Re. The strategic investment accelerates Neos’ growth as the UK’s …

Zurich Insurance Deploys Robots for Personal Injury Claims Handling

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding …

Canada’s Desjardins Aims to Buy P/C Insurers: CEO Cormier

Desjardins Group is looking to acquire insurers, wealth managers and payments firms to expand further outside Quebec and challenge the dominance of Canada’s big financial services firms, Chief Executive Officer Guy Cormier said. Cormier, who oversees North America’s largest financial …

UK’s Aviva Buys Remaining 50% Share in Vietnam Joint Venture

Aviva plc has acquired VietinBank’s entire 50 percent shareholding in its life insurance joint venture VietinBank Aviva Life Insurance Ltd. Aviva also has signed a new distribution agreement with VietinBank to sell life and health insurance products through VietinBank’s network …

UK’s Aviva Eyes Sale of Friends Provident Int’l Unit for $500M-$700M: Source

Aviva Plc is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between $500 million and $700 million, a source with direct knowledge of the matter said. …

Opinion: Why Is Zurich Seeking Shareholder Permission to Raise Money?

Zurich Insurance Group AG wants more freedom from its shareholders to raise money quickly. That’s odd. Switzerland’s largest insurer has no capital hole that needs filling. The move suggests newish CEO Mario Greco may be concerned about missing out on …

Technology Is Ultimate Savior of Insurance Industry: Opinion

Insurance companies are running out of ideas. They’ve bolstered their balance sheets since the financial crisis but have few racy growth prospects in a world of low interest rates, pricing pressure and regulatory hassles. Big mergers may be the most …

EU Solvency II Rules Need ‘Tweaks,’ Not Overhaul: Bank of England

EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers’ claim, the Bank of England said on Wednesday. Officials from Aviva and Legal & General, two of Britain’s biggest insurers …