Aviva Defends Decision

Following last weeks news of Aviva's rejection of RSA's offer for their General Insurance business, Aviva have defended their decision. Aviva believe there are benefits to holding on to both their life and non-life businesses and have issued a statement justifying this news stating: "The board of Aviva considered the proposal carefully in conjunction with its advisers and is convinced that the highest value to shareholders will be delivered by retaining these businesses within the group."

The statement goes on to list a number of reasons for this decision including the fact that current figures do not reflect the potential of the business since the market is currently at a cyclical low.

Aviva are standing by the recent changes they have made saying there has been "a material improvement in current year profitability, ahead of the market recovery occurring."

However, RSA have responded that the takeover would benefit both sets of shareholders and that through holding on to both sides of the businesses they are in fact decreasing the effectiveness of both in comparison to their competitors.

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