Aviva to stay focused on developed markets for now – MoneyWeek

NarrowFocusThegroupplanstofocusonfewerbusinesssegmentswhichofferattractivereturnswithahighprobabilityofsuccess。

Thegrouphasappointedinvestmentbankadvisorstohandlecertaindisposalsofpartsofthebusiness。

BuildFinancialStrengthAchievetargeteconomiccapitallevelsinlinewithindustrypeers,reducecapitalvolatility,andbringleveragedowntoaconservativelevel。

Thegrouphasannouncednewtargeteconomiccapitallevelsof160%175%ofrequiredcapitalbasedonAvivasinternalassessmentsandcapitalmanagementpoliciesthatwillrequireadditionalcapitaltobereleased。

Thiswilllargelybeachievedthroughdisposalsandreducingcapitaltobusinesseswithlowerreturns。

Subjecttoexecution,itisnotourcurrentintentiontoraisenewequity,McFarlanesaid。

ImproveFinancialPerformanceAimtodeliverahigherlevelofrevenuegrowth,alowercost-incomeratio,lowerlossesandclaimsandahigherreturnoncapital,notwithstandingthesubduedeconomicenvironmentindevelopedmarkets。

Thegroupislookingtoachieveanexpensereductionof£400montheendof2011levelsbyconductingareviewofthegroupcentreandothersupport,technologyandoperatingcostsacrossthegroup,removingtheregionallayerofitsstructure,aswellasimplementingamoreeffectiveallocationofexpensesacrossthebusinessportfolio。

Thebulkofthechangesareexpectedtotakeplaceoverthenext12monthsbutsomewillprobablyextendthroughtotheendof2013,whichmeansthefulleffectsofthetransformedAvivawillnotbeseenuntil2014。

ThismeansthatduringthisinterveningperiodAvivawillremainlargelypositionedindevelopedmarkets,somethingwhichhasbeenanissueofconcernforinvestors。

McFarlaneiscognisantoftheneedtoexpandthegroupspresenceinhigh-growthmarketsbutsaidhebelievedthegroupcoulddelivergoodreturnsandmoderategrowthfromthemarketsinwhichitcurrentlyoperates。

Wewillremainacompositeinsurer,butmainlyintheUKandafewothermarkets,andaredeterminedtodemonstratethevalueofthisparticularlythroughdiversification,thetransferofcapabilitiesacrossmarketsandgreaterproductpenetrationofourcustomerbase,McFarlanesaid。

McFarlane,whohasonlybeeninthechairatAvivaforafewdays,haswastedlittletimeinreshapingthemanagementstructureoftheinsurancegiant,althoughthegroupisstilllookingforaChiefExecutiveOfficer(CEO)。

DavidMcMillanwilltakeupanewappointmentasDirectorGroupTransformationtomanagetheimplementationofthenewstrategicplanacrossthegroup,reportingtoMcFarlane。

McMillansappointmentisregardedasapivotalonebyAviva,ashewillhaveresponsibilityforrefocusingandoptimisingthegroupbusinessportfolio,achievingfinancialstrengthandperformanceimprovement,andbuildingahigh-performanceethosacrossAviva,includingadelayeringofthemanagementstructure。

McMillansformerroleasChiefExecutiveofUKIrelandGeneralInsurancewillbeassumedbyRobinSpencer,whowillremainamemberoftheGroupExecutivereportingtoJohnMcFarlaneandTrevorMatthews。

TheGroupExecutiveconsistsoftheexecutivesJohnMcFarlane,PatRegan,TrevorMatthews,DavidMcMillanandSimonMachellcollectivelytheOfficeoftheChairmanplusothermembersoftheseniorexecutiveteam。

JohnListerwillreplaceSpencerinanewexpandedroleasGroupChiefCapitalandRiskOfficer,combiningbothfunctionsandeliminatingduplicationbetweenthem。

ListerwilljointheGroupExecutivereportingtoJohnMcFarlaneforRiskandChiefFinancialOfficerPatReganforCapital。

TheGroupHumanResources(HR)Director,JohnAinley,willbeleavingthegroupandCaroleJoneswillconsequentlybecomeActingHRDirector,joiningtheGroupExecutiveandreportingtoKirstyCooper,whoisHeadoftheOfficeoftheChairman。

ThesearchforanewCEOinternallyandexternallyisinprogressadvisedbySpencerStuart。

Iwouldexpectanappointmenttobemadeatthebeginningofthenewyear,orshortlythereafter,revealedMcFarlane。

Inthemeantime,itisessentialthatwehavetherightpeopleinplacetoimplementthestrategicplanandtoachievehigherfinancialstrengthandperformance。

IamawareofpastconcernsregardingthefrequencyofmanagementchangesatAviva;neverthelessIjudgethesenewappointmentstobeessential,McFarlaneadded。

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A cheap but cheerful Champagne – MoneyWeek

MadefromPremierCruChardonnayandPinotNoirgrapesandgiven36monthsofbottleagebeforerelease(muchlongerthannormal),thisisaverygrown-upflavourforsuchacompetitivepricetag。

IchargethroughmanybottlesofChampsduringtheyearand,isitme,oristheaveragequalityofthisgloriousregiondippingdrasticallyoflate?

Iamcertainthatthefamousnamesareunderallmannerofpressureandthatthesestressesandstrainsareshowingintheglass。

Thiswine,however,ismadebyamassiveco-operativeand,whenthechipsaredown,manyhandsoftenmakelightwork。

Myadviceistobuyafewcasesofthiswineforemergency(andparty)consumption,safeintheknowledgethateverytimeyouopenabottleyoueffectivelysaveatenner。

Thenspendthiswisecashonaserious,specialoccasionChamps–Iwillcoverthisbaseinafewweekstime。

Iamnotanaccountant,butthiskindoffinancialmanagementmakessensetome!



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