Aviva is one of the world's biggest insurance and financial services providers, and the market leader in general insurance in the UK where it was known for many years under its old name of Norwich Union. That brand and its 200-year heritage were phased out during 2009, along with several others in international markets, in favour of a single global identity under the Aviva brand. One of the few subsidiaries to retain separate branding was the UK-based motoring services business RAC. This was subsequently sold, along with a number of other under-performing businesses in a complete overhaul of the business during 2012 and 2013. Aviva offers pensions and life insurance, general insurance and other financial services to around 33m customers worldwide, including 13m in the UK & Ireland, where around half of all new business is generated. Aviva's three key markets are the UK & Ireland, France and Canada, though it also has operations in other European and Asian countries. The group is the result of several separate mergers. It was formed in 2000 from the merger of Norwich Union with CGU, itself the result of a combination two years earlier of Commercial Union and General Accident. UK life and pensions provider Friends Life was absorbed in 2015; other bolt-ons have included home insurer Neos and online investment service Wealthify.com. Mark Wilson stepped down as CEO at the end of 2018 and was eventually succeeded by Maurice Tulloch. Total income for 2017 was £49.9bn divided between net premiums and investment income. Total assets were £433bn at Dec 2017, putting Aviva among the Top Ten globally. Life insurance and pensions together account for more than 80% of profits.
Capsule checked 11th December 2018
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