Aviva boss Briggs banks £1m bonus

The boss of insurance giant Aviva, which employs 2,500 staff across hubs in Perth and Bishopbriggs, has taken home a £4.3 million pay package for 2017 on the back of a salary hike and nearly £3 million in bonuses and shares.

Last year Andy Briggs was awarded an extra £1 million in bonuses on top of a basic salary of £726,000.

Briggs’ bonus represents 93 per cent of the maximum he could have received, and is 140 per cent of the base salary.

Commenting on Briggs’s work, Aviva’s remuneration committee report, published this week, stated there was a strong financial performance across all products.

Aviva pointed to strong “balance sheet management” and an increase in bulk purchase annuity sales.

The group’s remuneration committee chairwoman Patricia Cross added that the 3 per cent pay rise for executive directors was “consistent with other Aviva employees in the UK”.

Chief executive Mark Wilson also saw his annual salary rise by £26,000 to £1.03 million last year, while he was awarded a £1.9 million annual bonus and £966,000 in long-term incentive scheme shares, plus another £395,000 for pensions and benefits.

His overall pay was slightly lower than the £4.5 million in 2016 due to a smaller long-term incentive scheme shares windfall, down from £1.3 million.

The committee’s annual report also revealed Wilson is in line for another 3 per cent salary rise this year as part of a total package that could see him potentially earn £6.8 million.

Chief financial officer Tom Stoddard and international insurance chief executive Maurice Tulloch receive bonuses of £997,000 and £456,000 respectively.