Aviva boss sees pay rise to £5.7m

UK insurance giant Aviva, which employs about 1,300 staff at its hub in Perth, has revealed that chief executive Mark Wilson has more than doubled his pay packet having won praise over the £5.6 billion acquisition of Friends Life last April and guiding the firm to bumper profits.

Mr Wilson pocketed an annual bonus of £1.8million representing 182 per cent of his £980,000 salary, as the insurer’s full-year operating profits beat expectations, climbing by a fifth to £2.7billion.

But his pay rise was largely driven by a £2.6million award from the long-term incentive plan, which paid out for the first time since he joined three years ago.

It means his total pay for 2015 – including pension contributions of £280,000 – rose to £ 5.7 million, from £2.6 million in 2014.

Aviva UK & Ireland Life CEO Andy Biggs, who joined the company as a result of the Friends Life acquisition, was awarded £1.4m.

Chief financial officer Tom Stoddard also saw his total pay boosted, rising to £2.9million from £1.2million in 2014.

Aviva bought Friends Life for £ 5.6billion, sealing the industry’s biggest merger since 2000.