Aviva plans to cut costs by moving headquarters to Ireland

BRITAIN’S second-biggest insurer Aviva plans to cut costs and exploit growth opportunities by moving its European headquarters to Ireland.

The company denies the move is linked to Ireland’s competitive corporation tax rate of 12.5%. Aviva is to simplify the range of products it offers across its 12 European businesses and speed up new product launches, it said.

Its chief executive for Europe, Andrea Moneta, said Ireland’s low corporate tax rate of 12.5% would cut the company’s overall tax bill, but stressed the targeted efficiency gains did not depend on tax reductions.