CGNU plc, the UK’s largest insurer, is to ask shareholders to approve plans to change its name to Aviva plc.
CGNU plc, the UK's largest insurer, is to ask shareholders to approve plans to change its name to Aviva plc. If approved, the new name will bring together some 50 different trading names around the world and create further opportunities for the group to harness the benefits of its size and international capabilities.
There will be no change to the visual identity or to the Norwich Union brand in the UK, although it will become 'an Aviva company.' The move follows the successful merger integration of CGU and Norwich Union and marks the start of a new long-term brand strategy for the group.
CGNU Group Chief Executive, Richard Harvey, said: "We are creating a new and powerful international financial services brand. The CGNU name was a pragmatic solution that was right for its time, but it was never part of our longer term plans.
"The benefits of this change will be significant. We will be able to make more of our corporate brand so that positive group news, such as our 2001 results, will benefit our trading businesses. We will also be able to make more effective use of our marketing spend, particularly in advertising and sponsorship.
"The new name will make it easier for the group to enter new markets as a result of heightened awareness of Aviva in markets where the group is already well established, and it will create a stronger sense of belonging for our 64,000 employees around the world."
Outside the UK, most of the group's trading businesses will be branded Aviva in due course. The main exceptions to this are in The Netherlands, Poland, Ireland and New Zealand, where the strong brands of Delta Lloyd, Commercial Union, Hibernian and NZI respectively will be retained. The words 'an Aviva company' will generally be added to marketing materials over time to demonstrate membership of the Aviva group.
Richard Harvey said: "The Aviva name tested positively in consumer research around the world, bringing with it associations of life, vitality and living well. This matches the aspirations we have for our customers."
CGNU will seek approval from shareholders for the name change at the group's AGM on 23 April 2002. Subject to approval, the change of name to Aviva plc will take place by 31 October 2002.
Other trading brands making the change to Aviva will do so over time based on local commercial considerations. The cost of this change will be funded largely through a redirection of normal marketing spend.
Aviva is a trademark of the CGNU group.
Media contacts:
Hayley Stimpson, Director of External Affairs on +44 (0)20 7662 7544
Ian Frater, Head of Group Media Relations on +44 (0)20 7662 8221
Notes to editors:
- CGNU is the world's seventh-largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe.
- CGNU has more than 25 million customers worldwide.
- A copy of the proposed Aviva visuals are available from the Media Centre library on the CGNU website.
- Photographs are available from www.newscast.co.uk