April 24, 2019 / 6:22 AM / a month ago

Aviva's UK insurance boss to step down, management review to begin

FILE PHOTO: A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. British life insurer Aviva on Thursday said it was maintaining its dividend, soothing concerns the payout could be cut to conserve capital, and reported annual profits that broadly met forecasts. REUTERS/Stephen Hird

LONDON (Reuters) - British insurer Aviva said on Wednesday that Andy Briggs, head of its UK insurance business, was stepping down from the company, just weeks after missing out on its top job to newly installed Chief Executive Maurice Tulloch.

Briggs will remain with the insurer until Oct. 23 to support an orderly transition, Aviva said in a statement.

He joined the Board of Aviva in April 2015 to lead its enlarged UK Life business following the takeover of Friends Life where he served as Group Chief Executive.

The company said Briggs would be granted ‘good leaver’ status and therefore be eligible both for a pro-rated bonus in respect of the 2019 financial year and to retain awards applicable under its Long-Term Incentive Plan, due to vest in March 2020, March 2021 and March 2022.

Angela Darlington, currently Aviva’s Group Chief Risk Officer, will become interim chief executive of UK Insurance, subject to regulatory approval.

Aviva also said Tulloch would lead a review of the UK businesses to ensure “the appropriate management structure” going forward.

Separately, Aviva said it would broaden its senior leadership team with the appointment of Colm Holmes, CEO of Aviva Canada and Global Corporate & Speciality, and Patrick Dixneuf, who becomes CEO of Aviva’s European businesses.

As a result of the changes, Aviva will not seek to appoint a new CEO International, the role vacated by Tulloch before he became Group CEO.

Reporting By Sinead Cruise, editing by Huw Jones

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