Aviva’s Irish life and pensions arm has named Barry Cudmore as its next chief executive.
Mr Cudmore, chief financial officer (CFO) with UK life company LV, will take up the role in the first half of next year, subject to regulatory approval, Aviva Life & Pensions Ireland said in a statement on Monday.
He will take over from interim chief executive Dave Swanton, a former senior executive with New Ireland, who stepped in earlier this year as the previous incumbent Dave Elliot agreed to move back to the wider Aviva group in the UK.
Mr Cudmore has extensive experience in senior executive roles over 25 years across several European insurance markets. This includes serving as group CFO at Athora Holding in Dublin and chief executive of Aegon Ireland. He is a fellow of the Institute of Actuaries and studied actuarial and financial studies at University College Dublin.
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Mr Cudmore said: “Given the company’s strength and the pace of market innovation, this is a really exciting time to be joining the business. I am very much looking forward to meeting and working closely with our people, brokers and customers in the new year.”
Aviva Life and Pensions Ireland swung to an operating profit of €14 million last year from a €4 million loss sustained in 2020. The improvement was driven by reduced expenses, higher recurring income and “improving claims experience”, it said in March.
Insurance giant Aviva’s combined operating profit from its Irish general insurance, life and pensions businesses doubled last year to €57 million.
The general insurance unit, Aviva Insurance Ireland, led by chief executive Declan O’Rourke, saw its operating profit increase by 34.4 per cent to €43 million last year, amid lower expenses and reduced claims due to Covid-19.
