Aviva is to make £500m of funding available in the first tranche of the insurance industry’s commitment to invest £25bn in UK infrastructure over the next five years.

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The group expects to allocate new money for debt financing of projects including transport, utilities, hospitals and schools.

It comes two weeks after the wider investment commitment announced together with firms including Legal 
& General, Prudential, Standard 
Life, Friends Life and Scottish Widows.

The £25bn pledge followed changes in European rules, backed by the UK, which incentivise investment in a wide range of assets.

Aviva already has £5bn invested in UK infrastructure including PFI loans for schools, universities and hospitals and investments in corporate bonds of utility, airport and railway companies.

Chief executive Mark Wilson said: “Aviva is contributing to the 
building blocks of the UK’s future, making an additional £500m 
available immediately to invest in the country’s schools, hospitals and transport.

“We’ll focus on investments which are good for our policyholders, good for society and good for the UK economy.”

Earlier this month, the government set out more than £375bn of planned public and private investments to 2030 and beyond in its new national infrastructure plan.

During the initial announcement of the infrastructure plan, Danny Alexander, chief secretary to the Treasury, said the move was a “massive vote of confidence” by some of the most important companies in the UK economy.

He said he hoped people would recognise it was evidence the government was making progress on delivering infrastructure for the country’s future.

Aviva announced in September that Maurice Tulloch had been appointed chief executive of its Norwich-based general insurance division for UK and Ireland – moving from Aviva Canada.

4 comments

  • Che Bramley, have you ever thought what would happen to your premiums if offshore work was to be all back in the UK? Aviva is a worldwide company therefore employs people worldwide, as do many other insurancecommunicationbanking companies!!!!!!!!

    Report this comment

    melalmighty

    Saturday, December 21, 2013

  • Maybe Mark Wilson CEO needs to put British Jobs first and not ship workers off to India. But this is so Aviva can make a nice healthy return on its Investments, nothing more nothing less, pure GREED

    Report this comment

    che bramley

    Friday, December 20, 2013

  • Look at them queuing up to make big money from PFI deals and it's us mugs the general public who pay through the nose, what a disgraceful way to both make money and finance things.

    Report this comment

    John L Norton

    Saturday, December 21, 2013

  • I would also like to add that Aviva is a business, and like every business its there to make money, just like a supermarket, energy companies, hair dressers, the list is endless.

    Report this comment

    melalmighty

    Saturday, December 21, 2013

The views expressed in the above comments do not necessarily reflect the views of this site

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