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Insurance chief assured of future security

Date: Tue, 23 Mar 04 Analysis

The chief executive of global life insurance giant Aviva has been awarded a significant rise in his pension fund.

Richard Harvey, chief executive of Aviva, has enjoyed a £1.1 million boost to his pension pot in connection to his work in 2003.

Mr Harvey also received £1.1 million in salary and benefits last year, which, according to the company, “reflects the outperformance of the Aviva group in 2003".

Mr Harvey has now amassed a £5.6 million fund, and will now receive £452,000 a year after retirement.

Mr Harvey was one of five life insurance chief executives to come under criticism from the Treasury Select Committee for enjoying hefty wage increases while millions of homeowners holding their policies were experiencing mortgage endowment shortfalls.

However, Aviva last month announced operating profits of £1.91 billion, after taking cost cutting measures over the previous twelve months.

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