Business Services Industry
British insurer Aviva reports higher-than-expected sales.
Knight Ridder/Tribune Business News, October, 2004
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 30--Insurer Aviva, owner of Norwich Union, reported stronger than expected new business figures and delivered a thinly veiled sideswipe at troubled rival Prudential.
Group executive director Philip Scott said Aviva "did not share" Pru's belief that there would be a "sudden surge in the rate of growth in the UK market."
He added: "We are the market leader in the UK with the best brand, whereas the Pru is a niche player."
Pru boss Jonathan Bloomer upset shareholders by asking them to stump up 1 billion pounds in a rights issue, prompting some to call for his head.
He said he needs the money to meet new European Union capital requirements...
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