Following its recent acquisition of Direct Line for £3.7 billion (around $4.6 billion), Aviva has unveiled plans to achieve annual savings totaling £125 million over the next three years.
Cost Synergies and Efficiency
This significant financial move aims to unlock a minimum of £125 million in pre-tax cost synergies within three years of the acquisition’s completion.
One area where Aviva expects to make substantial cuts is its reinsurance procurement methods.
This initiative underscores Aviva’s commitment to boosting operational efficiency while seamlessly integrating Direct Line into its existing business framework.
Focus on Workforce and Productivity
As Aviva embarks on this journey, the emphasis will be on enhancing productivity and streamlining its workforce.
This acquisition not only strengthens its position in the market but also marks a pivotal shift in how the company operates, all while focusing on better cost management.
Source: Insuranceinsider
