Aviva share price: Insurer beefs up board with industry veteran

By: Tsveta van Son
Tsveta van Son
Tsveta van Son is part of Invezz’s journalist team. She has a BA degree in European Studies and a… read more.
on Sep 25, 2019
Updated: Apr 28, 2020

Aviva (LON:AV) has moved to boost its board with a former finance chief of Lloyds Banking Group (LON:LLOY) and blue-chip peer RSA Insurance (LON:RSA), the FTSE 100 insurer has said. The news comes after Aviva’s interims last month when the company posted what it referred to as ‘mixed’ first-half performance and said that there was ‘much to do’.

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Aviva’s share price has joined the broader market selloff this Wednesday, having given up 1.42 percent to 382.70p as of 13:00 BST, underperforming the FTSE 100 which currently stands 0.61 percent lower at 7,247.02 points. The group’s shares have given up more than 22 percent of their value over the past year, as compared with about a 3.7-percent dip in the Footsie.

Board appointment at Aviva

Aviva announced in a statement today that it had appointed George Culmer as an Independent Non-Executive Director with effect from today. He will also join the board’s Audit, Risk and Nomination Committees.

Culmer’s previous roles include chief financial officer at bailed-out lender Lloyds, as well as CFO of RSA Insurance, Head of Capital Management of Zurich Financial Services and Chief Financial Officer of its UK operations. He also held various senior management positions at Prudential (LON:PRU).

“George brings significant board level experience with 15 years as a FTSE 100 Chief Financial Officer. He also has a deep understanding of insurance and wider financial services,” Aviva’s chairman Sir Adrian Montague commented in the statement.

Analysts on FTSE 100 insurer

The 18 analysts offering 12-month targets for the Aviva share price for the Financial Times have a median target of 490.00p, with a high estimate of 575.00p and a low estimate of 385.00p. As of September 20, the consensus forecast amongst 19 polled investment analysts covering the blue-chip insurer has it that the company will outperform the market.

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