Aviva (AV.) boss Mark Wilson is a fan of metaphor. In March he described the life insurance business he took over in 2013 as a leaky boat; now he prefers the analogy of moving into a fixer-upper. "It's all good stuff if you enjoy turnarounds and restoration projects, and my team certainly do," he says.
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But most people do not get halfway through their DIY project and decide to buy the house next door, as Aviva opted to do with the acquisition of Friends Life. Management pointed to the £63m of annual synergies that had already been achieved. The combined entity delivered new business worth £534m, up a quarter at constant currencies, with Friends' corporate pensions business adding to Aviva's platform revenue.