Aviva’s new chief executive on Thursday promised to go after “low-hanging fruit” to simplify the insurer.
Maurice Tulloch, who was appointed on Monday, said he wanted to make the FTSE 100 giant run better and there were lots of opportunities to create “efficiencies”.
“We are far too complex and this is holding us back,” he said. “This will change, and quickly. I plan to leave no stone unturned to drive better underlying operating performance.”
He pointed to duplication of two main head offices — one for global operations and the other for UK — and too many versions of the same product as areas of focus.
Analysts had speculated Tulloch may pursue a radical break-up of the company.
On Thursday he said: “Today isn’t the day to talk about hypotheticals but I am going to look at the perimeter and shape of the businesses, and how we invest capital.”
Tulloch was named chief executive ahead of UK insurance chief Andy Briggs, who was widely seen as a rival candidate for the role.
Briggs said he was “delighted” for Tulloch and he was a “fantastic colleague”.
“We stood shoulder to shoulder through this process. My sole focus right now is supporting Maurice in his transition to a new role,” he said.
