Aviva PLC posts major loss, chops dividend

March 13, 2013 by Michael K. Stanley

Aviva PLC shares tumbled last week after the company announced a net loss of £3 billion for 2012 and a chopped second-half dividend.

Accompanying the loss, the second largest U.K. insurer by market share said they were going to cut directors bonuses to zero and freeze pay for 400 top managers.

The after tax loss, which was anticipated by executives and analysts alike due to previously announced writedowns pertaining to the sale of its U.S. business to Athene Holding Ltd. in December for $1.8 billion, is part of Aviva’s decision to refocus on its core competencies and exit 16 non-core segments. Click here to read…

Originally Posted at LifeHealthPro on March 13, 2013 by Michael K. Stanley.