Aviva to slash debt as Europe chief quits

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Thursday 20 January 2011 8:12 pm Aviva to slash debt as Europe chief quits SPECULATION over the exit of Aviva’s European head Andrea Moneta overshadowed a promising update on the insurer’s strategy and finances yesterday.The world’s sixth-largest insurer told investors it planned to cut the hybrid debt on its balance sheet by at least £700m over the next three years, using internal cash to fund repayments of about £250m per year. UBS analyst James Pearce said the presentation held “few major surprises but the decision was helpful ahead of the introduction of new capital requirements for insurance companies in European Solvency II regulation. “Debt reduction is clearly welcome given Aviva’s above average gearing, and tidies up the balance sheet ahead of Solvency II, which has a bias in favour of Tier 1 capital over Tier 2,” he said.But the surprise decision to replace Aviva’s European chief executive Moneta, after just 18 months, with its North American head Igal Mayer left the market scrambling for an explanation yesterday.Moneta, a board director at Aviva, will leave in February by “mutual consent to pursue new challenges in the industry,” the firm said. Analysts suggested the exit could be linked to problems with the pace of change Moneta was implementing in Europe. Other reports said the move would clear the way for current UK chief executive Mark Hodges to eventually replace group head Andrew Moss. Show Comments ▼ whatsapp KCS-content center_img whatsapp Tags: NULL Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comlast_img

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