2.18.2013

These figures reveal why Aviva boss to go

THE performance is encouraging shareholders to oust Aviva CEO Andrew Moss laid bare in the figures of the company. With a share of nearly 40% lower than a year ago, the largest insurance company in the UK revealed a decrease of 5% in the long-term savings and the sale of common and average health insurance premium for the first three months of this year. Aviva £ 1.3 billion for exposure to troubled euro zone economies of Portugal, Italy, Ireland, Greece and Spain continued to push sales of the group, life and retirement in Italy and Spain fell 23%. Soft performance in a series of TV commercials starring actor Paul Whitehouse, who is known for his work with comedian Harry Enfield, where he played a variety of characters who promote a variety of insurance products. Stand-in boss John McFarlane reiterated his pledge to raise the financial performance of the group as he was preparing to conduct a strategic review of the business. McFarlane stepped down as deputy chief executive after the abrupt exit Moss, who stepped down after the investor held a massive protest vote against Aviva reports annual salary. McFarlane explained in the first quarter performance as "solid" and said Aviva profitability in both the life and general insurance business is in line with the target. He said: "My first task is to make improvements in capital and financial strength for the group, as well as an increase in our financial performance. "While not underestimating the importance of the challenges, I am optimistic about the results."

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