Thursday, 08 November 2012 11:02
Aviva reports flat Q3 results as it remains without a chief executive
Aviva has confirmed it is still yet to appoint a chief executive, six months after the departure of Andrew Moss at the start of May.
At the time, the firm said it would "searching all over the world to find the best person available" and said it could take until the end of this year.
Currently chairman John McFarlane is in the role until a replacement is found and the firm has reduced the number of management layers between the chief executive and operational staff from nine to five.
In its third quarter results today, Mr McFarlane said: "The CEO search process is now well advanced and in line with the original timetable set out by the Board.
"Shortlisted candidates are in the process of being interviewed by non-executive directors, and on completion, we will then seek FSA approval for the Board's preferred candidates."
The firm, which is a sponsor of the Institute of Financial Planning, said both the UK life and pension business and investments sales were flat. Life and pension business was £8bn, the same as in the third quarter of 2011, while UK investment sales remained at £1.3bn.
Aviva Investors saw external sales of £2bn, down from £2.8bn in the third quarter of 2011, although assets under management were up from £263bn to £274bn. Mr McFarlane said this had "fallen short of our aspirations to expand the business externally" and said Aviva would be developing a more compelling proposition.
At the time, the firm said it would "searching all over the world to find the best person available" and said it could take until the end of this year.
Currently chairman John McFarlane is in the role until a replacement is found and the firm has reduced the number of management layers between the chief executive and operational staff from nine to five.
In its third quarter results today, Mr McFarlane said: "The CEO search process is now well advanced and in line with the original timetable set out by the Board.
"Shortlisted candidates are in the process of being interviewed by non-executive directors, and on completion, we will then seek FSA approval for the Board's preferred candidates."
The firm, which is a sponsor of the Institute of Financial Planning, said both the UK life and pension business and investments sales were flat. Life and pension business was £8bn, the same as in the third quarter of 2011, while UK investment sales remained at £1.3bn.
Aviva Investors saw external sales of £2bn, down from £2.8bn in the third quarter of 2011, although assets under management were up from £263bn to £274bn. Mr McFarlane said this had "fallen short of our aspirations to expand the business externally" and said Aviva would be developing a more compelling proposition.
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