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.”