It was announced today that UK insurance chief executive Andy Briggs will leave the insurer
Former Aviva UK insurance chief executive Andy Briggs could earn up to a £850,000 over the next three years for Aviva’s performance since 2016.
It was announced today that Briggs will go on gardening leave from Aviva on 30 April, ahead of his exit on 23 October this year. During this time he will continue to receive his salary and contractual benefits and will receive a further £350,000 over the next three years in annual bonus payments.
He is due to pick up £116,530 in outstanding awards relating to the 2016 financial year, £135,185 relating to 2017 and £100,015 relating to 2018.
And under the insurer’s long-term incentive plan (LTIP), Briggs stands to profit even more.
Set at a pro-rata basis for the time Briggs will have spent with the company, he could gain up to £259,757 for Aviva’s performance from 2017-2019, up to £164,808 for it’s performance from 2018-2020, and £78,096 for how it performs between 2019-2021. This adds up to a maximum pay-out of over £500,000.
However, the LTIP awards are paid subject to targets being hit. Payments for the 2015 and 2016 LTIP vestings were 37% and 50% respectively.
At a similar rate, Briggs could earn somewhere between £185,000 and £250,000 in LTIP up to 2021.
Aviva stated that Briggs will be treated as a ‘good leaver’ under the bonus plan, and that all outstanding awards will remain subject to malus and clawback provisions for five years from the date of the payment.
Briggs joined the board of Aviva in April 2015 following the acquisition of Friends Life where he was group chief executive.
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