Aviva’s chief government mentioned the outcry following sexist remarks made on the UK insurer’s normal assembly confirmed the episode had “struck a chord with many individuals” and may immediate others to contemplate how they run their very own AGMs.
A social media submit made by Amanda Blanc condemning the sexist remarks has been seen greater than 1mn occasions. She additionally acquired a deluge of supportive emails, texts and WhatsApp messages, she informed the Monetary Occasions on Wednesday.
“It took that AGM for individuals to maybe have one other take into consideration what they could do at their AGMs or once they encounter conditions like that in future,” she mentioned.
Blanc, Aviva’s first feminine chief government and a authorities champion for Girls in Finance, mentioned there have been too few ladies in senior positions within the monetary companies sector, and that placing in “onerous yards” was essential to attain change. “It’s not a norm to see a girl on a stage like that . . . I simply need to be judged on what I’m doing right here at Aviva.”
The FTSE 100 insurer issued its first-quarter outcomes on Wednesday, displaying rising gross sales throughout every division but in addition the impression of inflation and regulatory intervention on the overall insurance coverage enterprise.
“This isn’t the time notably to develop market share generally insurance coverage,” Blanc mentioned, citing the menace from inflation, which is pushing up claims prices.
In private insurance coverage, costs for brand new clients rose firstly of the 12 months, however renewal costs fell by a mean of 0-5 per cent in motor and by 5-13 per cent in house insurance coverage because the enterprise adjusted for reforms that stamped out so-called loyalty penalties for current clients.
Aviva has returned £4.75bn of capital to its shareholders after a string of disposals since Blanc joined the enterprise in 2020.
Its newest outcomes present that following this train, and assuming the completion of additional debt discount efforts and a fee to an organization pension fund, the enterprise had a professional forma solvency ratio — its capital as a share of the extent required by the regulator — of 192 per cent.
This stays increased than the 180 per cent degree above which the corporate has mentioned it might take into account returning extra capital. Blanc mentioned it might at all times take into account additional strikes if there was not a greater case for investing that cash within the enterprise.
Aviva’s share worth was up 0.9 per cent in morning buying and selling in London.