Aviva will spend at least £100,000 to move incoming chairman John McFarlane from Australia to the UK.

The insurer will cover McFarlane's flights, temporary rental costs and shipping of possessions, according to The Times.

Aviva could also pay costs to set up McFarlane's mortgage.

McFarlane will replace Lord Sharman of Redlynch as Aviva's chairman at the end of June 2012.

McFarlane will become a non-executive director of Aviva on 1 September this year and will be named deputy chairman on 1 January 2012.

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