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Aviva committed to UK “hook, line and sinker”

Aviva has committed to retaining its UK headquarters despite EU plans to increase capital requirements through Solvency II.

Earlier this month, Prudential said it was considering switching domicile as part of a range of options to “maximise the strategic flexibility of the group”.

The provider said: “This includes consideration of optimising the group’s domicile, including as a possible response to an adverse outcome on Solvency II.

“There continues to be uncertainty in relation to the implementation of Solvency II and implications for the group’s businesses. Clarity on this issue is not expected in the near term.”

Aviva UK Life chief executive David Barral (pictured) told Money Marketing the insurer remains committed “hook, line and sinker” to the UK and has no plans to move its head office.

He says: “We have absolutely no plans to move our headquarters out of the UK. Aviva considers itself a British success story and we have always said the success of the group depends on being successful in our home market.

“The UK represents almost half of our total group profits, so we are committed here hook, line and sinker. The group is keen to invest more in the UK.”

Prime Minister David Cameron yesterday spoke out in an attempt to prevent the implementation of Solvency II in response to Prudential’s threat to move its headquarters from London.

Speaking in the House of Commons, Cameron said: “It is an example where ill thought-out EU legislation is endangering a great British business that should have its headquarters right here in the UK.

“We are working extremely hard at a European level and with the Prudential to try and deal with this.”

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