View more on these topics

Aviva appoints new chief executive

Maurice Tulloch

Aviva has named its new full time chief executive six months after Mark Wilson announced he would be stepping down from the role.

Maurice Tulloch, who has been with the firm since 1992 and currently overseas Aviva’s international insurance business, will step into Wilson’s shoes as chief executive of the parent company.

Chairman Adrian Montague had been acting in an executive capacity while a new chief executive was appointed.

Tulloch, who previously headed up Aviva’s UK and Ireland general insurance business, will receive a basic salary of £975,000, with annual bonus opportunities of up to 200 per cent of salary, in addition to payouts under the firm’s long-term incentive plan which can amount to up to 300 per cent of salary after a holding period.

As well as pension contributions of 14 per cent of salary – the maximum employer contribution to UK employees – Tulloch will also receive up to £250,000 in order to assist his move from Canada to the UK.

Last year, Aviva’s remuneration committee defended the £1m bonus and £2.5m total pay package given to Andy Briggs, the firm’s chief executive of insurance.

Aviva says in a statement this morning that it interviewed both exteneral and internal candidates for the role.

While Aviva has faced a tricky year of replatforming with advisers, Wilson had overseen significant growth in Aviva’s business, including the £6bn acquisition of Friends Life Group in 2015, which leaves the group as the UK’s largest insurer with around £490bn in assets under management.

Montague says Tulloch knows where the firm “needs to improve” and is “exceptionally well qualified to re-energise Aviva and deliver long-term growth”.

Tulloch says: “There is a clear opportunity to realise Aviva’s significant but untapped potential….We must focus on the fundamentals of insurance and giving our customers the best possible experience – being there when they need us, protection what is important to them and helping them save for the future.”



How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]


Novia and Just launch guaranteed income plan within Sipp

Just Group has teamed up with Novia to launch a guaranteed income proposition within a Sipp wrapper on Novia’s platform. The guaranteed income solution is designed specifically for the platform, enabling an adviser to implement a flexible investment strategy within the Sipp. The technology has been designed by Spire Platform Solutions and enables advisers using […]

Crossroad signpost saying this way, that way, the other way

FCA to help firms identify vulnerable consumers

The FCA has told MPs it will elaborate how firms should identify vulnerable customers in guidance to be published in the near future. In July 2018 the FCA published a discussion paper on duty of care in financial services and potential approaches that closed last November. Earlier this month the watchdog published an update saying […]

Gail Counihan

Is the hype around electric vehicles justified?

In order to muscle conventional vehicles off the road and become the dominant technology, electric vehicles need to be able to hold their own in three important ways: performance, practicality and affordability. Gail Counihan, Responsible Investment Analyst at Royal London Asset Management, takes a closer look at these three areas. Read the article here Past […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. One wonders why it took 6 months to find a replacement and then finally finding one ‘in house’.

    It rather reflects the bungling admin that is the hallmark of Aviva. Here’s hoping that Mr. Tulloch can improve the lamentable share price. (28/2/14 to 28/2/19 = MINUS 10.6%. FTSE All Share over same period + 6.05%) Notwithstanding ineffectual efforts to hold up the price by offering decent dividends. In effect just paying investors their own money.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm