40 Facts About Aviva

Aviva: A Legacy of Over Three Centuries

Aviva, one of the oldest insurance companies in the world, has a history that spans more than 300 years. From its humble beginnings to becoming a global giant, Aviva's journey is filled with fascinating milestones.

1. Founding: Aviva started in 1696 as the Hand in Hand Fire & Life Insurance Society in London, England. This makes it one of the oldest insurance companies still in operation today.

2. Name Origin: The name "Aviva" was adopted in 2002. It comes from the Latin word "viva," meaning "alive," symbolizing the company's commitment to life and vitality.

3. Mergers and Acquisitions: Aviva was formed by the merger of Norwich Union and CGU plc in 2000. CGU itself was created by merging Commercial Union and General Accident in 1998.

4. Global Presence: Aviva operates in over 16 countries, including the UK, Canada, China, India, Singapore, Hong Kong, Indonesia, Vietnam, France, Italy, Ireland, Lithuania, Poland, and Turkey.

5. Customer Base: Aviva serves approximately 33 million customers worldwide, providing a wide range of insurance and financial products.

Historical Milestones and Growth

Aviva's history is marked by numerous significant events and acquisitions that have shaped its growth and expansion.

6. Assets Under Management: As of March 2023, Aviva Investors managed £227 billion in assets, showcasing its financial strength.

7. History Timeline: Aviva’s ancestor companies date back to 1696, with over 750 companies contributing to its growth over the centuries.

8. Accidental Death Indemnity Association: One of Aviva’s earliest ancestor companies was the Accidental Death Indemnity Association, provisionally registered in 1849, recognized as the founder of modern accident insurance.

9. Amicable Society: The Amicable Society for a Perpetual Assurance Office, founded in 1706, was the world’s first mutual life assurance office and was acquired by Norwich Union in 1866.

10. Norwich Union Fire Insurance Society: Established in 1797, this company was one of the oldest fire insurers and changed its name to Norwich Union Insurance Ltd in 1997.

Key Acquisitions and Business Moves

Aviva's strategic acquisitions and business decisions have played a crucial role in its expansion and market presence.

11. Norwich Union Life Insurance Society: Founded in 1808 as a mutual life insurer, this company was originally known as the Norwich Union Society (or Union Office) for Insurances on Lives and Survivorships.

12. Hercules Insurance Company of Scotland: Established in 1809, this company offered fire and life assurance and produced Aviva’s earliest proposals and rates for annuities.

13. Commercial Insurance Company of Ireland Ltd: Incorporated in Belfast in 1919, this company was acquired by General Accident in 1968.

14. CGU Formation: CGU was formed in 1998 following the merger of Commercial Union plc and General Accident plc.

15. CGNU Merger: In 2000, CGU merged with Norwich Union to form CGNU plc, which was later rebranded as Aviva in July 2002.

Unique Historical Contributions

Aviva's ancestor companies have made unique contributions to the insurance industry, setting precedents and creating new standards.

16. Aviva’s Ancestor Companies: Aviva’s ancestor companies include the oldest mutual life insurance company, one of the oldest fire insurers, and the first company to offer a burglary policy.

17. Royal Warrant: Aviva is the only insurance company to hold a royal warrant, demonstrating its long-standing commitment to quality and service.

18. Hand in Hand Fire Office Policy: The Hand in Hand Fire Office policy header from 1779 is one of the oldest recorded insurance policies, highlighting Aviva’s historical significance.

19. Acquisitions and Disposals: Aviva has made several significant acquisitions and disposals over the years, including the purchase of AmerUs Group in 2006 and the sale of its Australian wealth management business, Navigator, in 2009.

20. RAC Breakdown Recovery Operation: Aviva acquired the RAC plc breakdown recovery operation for £1.1 billion in 2005 and sold it to The Carlyle Group for £1 billion in 2011.

Expanding Global Footprint

Aviva's global footprint has expanded significantly through strategic acquisitions and partnerships, enhancing its market presence.

21. Aviva USA: Following the acquisition of AmerUs Group, Aviva USA was established, significantly increasing Aviva’s presence in the United States.

22. Friends Life Acquisition: In 2015, Aviva completed its acquisition of Friends Life, making Aviva the leading life and pension provider in the UK.

23. Partnerships and Initiatives: Aviva has been involved in several partnerships and initiatives, including a global partnership with Oxfam and a commitment to become the first insurer to go carbon neutral in 2006.

24. Aviva Investors Launch: Aviva Investors was launched in 2008 to provide fund management services.

25. Leadership: George Culmer has been the chair of Aviva plc since May 2020, bringing significant insurance experience from his roles at Lloyd’s, Prudential, Zurich, and RSA.

Leadership and Workforce

Strong leadership and a dedicated workforce have been key to Aviva's success and continued growth.

26. Amanda Blanc: Amanda Blanc, the current Group CEO, has a strong background in the insurance industry, having previously served as CEO at AXA UK and CEO Europe, Middle East, Africa & Global Banking at Zurich Insurance Group.

27. Employee Size: As of 2023, Aviva has over 31,000 employees worldwide, reflecting its significant global presence.

28. Gross Written Premiums: In 2023, Aviva’s gross written premiums reached £10.9 billion, showcasing its financial strength and market position.

29. Global Locations: Aviva operates in multiple countries, including the UK, Canada, China, India, Singapore, Hong Kong, Indonesia, Vietnam, France, Italy, Ireland, Lithuania, Poland, Turkey, and more.

30. Underwriting Expertise: Aviva offers a wide range of insurance products, including motor, home, life, and health insurance, as well as investments and retirement services.

Rebranding and Strategic Changes

Aviva has undergone significant rebranding and strategic changes to adapt to market demands and enhance its brand identity.

31. Rebranding Campaign: In 2009, Aviva launched a £9 million rebranding campaign to transition from the Norwich Union brand to the Aviva brand in the UK, featuring celebrities like Bruce Willis and Alice Cooper.

32. Job Cuts: In 2012, Aviva announced plans to cut up to 800 jobs due to reorganization caused by Eurozone turmoil.

33. Sale of Aviva USA: In 2012, Aviva sold its Aviva USA Corporation to Athene Holding for US$1.8 billion (£1.1 billion) as part of a plan to improve shareholder returns and reduce capital requirements.

34. Sale of Indonesian and Hong Kong Operations: In November 2020, Aviva sold its stake in Astra Aviva Life and its Hong Kong division.

35. Sale of French Operations: In 2021, Aviva spun off its French operations into a new standalone company called Aéma Groupe.

Recent Acquisitions and Strategic Focus

Aviva continues to make strategic acquisitions and focus on its core markets to strengthen its position as a leading insurer.

36. Sale of Turkish, Italian, and Polish Businesses: In 2021, Aviva completed the sale of its Turkish business, followed by businesses in Italy (Aviva Italia Holding) and Poland.

37. Acquisition of AIG Life Limited: In September 2023, Aviva acquired AIG Life Limited from Corebridge Financial for £460 million.

38. Acquisition of Optiom: In November 2023, Aviva acquired Optiom, a Canadian vehicle replacement insurance business, for £100 million (US$126 million).

39. Termination of Confederation of British Industry Membership: In April 2023, Aviva terminated its membership of the Confederation of British Industry in response to allegations of sexual harassment and rape within the company.

40. Strategic Focus: Under the leadership of Group CEO Amanda Blanc, Aviva aims to become the UK's leading insurer by focusing on high performance, financial discipline, and customer satisfaction.

Aviva's Legacy and Future

Aviva's journey from its founding in 1696 as the Hand in Hand Fire & Life Insurance Society to becoming a global insurance powerhouse is nothing short of remarkable. With operations in over 16 countries and a customer base of 33 million, Aviva has shown resilience and adaptability. Key milestones like the merger of Norwich Union and CGU plc, the acquisition of Friends Life, and recent strategic sales and acquisitions highlight its dynamic growth.

Under the leadership of Amanda Blanc, Aviva focuses on high performance, financial discipline, and customer satisfaction. The company's commitment to innovation, sustainability, and community partnerships, like its global partnership with Oxfam, sets it apart. With over 31,000 employees and a robust portfolio of insurance products, Aviva continues to evolve, ensuring it remains a leader in the insurance industry for generations to come.