Shares in Aviva (LON:AV) have been little changed in London this morning as the blue-chip insurer announced that it had appointed an insider to the top job, after former CEO Mark Wilson stepped down in October last year. The move comes as the company prepares to update investors on its full-year performance this Thursday.
As of 08:54 GMT, Aviva’s share price had lost 0.07 percent to 431.70p. The shares are underperforming the broader UK market, with the benchmark FTSE 100 index having climbed marginally into positive territory and currently standing 0.26 percent higher at 7,125.46 points.
Aviva appoints CEO
Aviva announced in a statement this morning that Maurice Tulloch will become its chief executive with effect from today. Tulloch has been with the blue-chip insurer since 1992 and was appointed to the board in June 2017. He is currently chief executive officer for the group’s International Insurance business and has responsibility for Aviva’s life insurance and general insurance operations in France, Canada, Ireland, Italy, Poland, Turkey and India. He was previously chief executive officer of Aviva UK and Ireland General Insurance division.
“Maurice will be an outstanding Chief Executive of Aviva. He knows the business inside out,” the blue-chip insurer’s chairman Adrian Montague said in the statement, adding that the board had run “a thorough and highly competitive process,” which had “led to a unanimous conclusion and a great result for Aviva”.
Analysts on insurer
As of March 2, the consensus forecast amongst 18 polled investment analysts covering Aviva for the Financial Times has it that the company will outperform the market. According to MarketBeat, the blue-chip insurer currently boasts a consensus ‘buy’ rating and an average price target of 529.85p.