Aviva named UK's 'most valuable' insurance brand

clock

Aviva has taken the top spot again this year in a survey of the UK's top 50 'most valuable' insurance brands.

The annual survey by Brand Value placed Aviva, RSA, and AXA as the top three most valuable brands in the UK insurance market.

The results said that although tough market conditions and regulation have "continued to constrain growth", stability is beginning to return to the industry.

In terms of brand value, Aviva remains the UK's only billion pound insurance brand. However its brand growth is down, an increase of £119m this year compared with £304m for the same period last year.

However, this was still enough for Aviva to register the biggest growth of 2013 with a total brand value of £1.156bn, placing it £300m ahead of second placed RSA.

The survey also identified RSA as having a successful year. Though the departure of chief executive Andy Haste disappointed some, his departure coincided with notice of a 25% increase in pre-tax profits.

The report said RSA's 2013 brand value is "further evidence of Haste's success." Now at £856m, RSA has edged out AXA to become the UK's second most valuable insurance brand, it said.

Meanwhile, Co-operative Insurance has lost more brand value than any other. The troubles of the insurance division had been weakened by the banking arm's acquisition of Britannia Building society and the failed bid to buy 632 Lloyds branches.

Brand value is down £13m resulting a drop in rank from 15th last year to 20th. Brand strength has also taken a hit; Co-operative Insurance has been downgraded in Brand Value's ratings from AA to AA-.

The £219m sale of its life insurance and asset management business to Royal London may place the future of the brand itself in doubt, though for now Royal London will continue to sell products under the Co-op name, the report added.

More on Insurer

LifeSearch Protection Awards 2024: Winners revealed

LifeSearch Protection Awards 2024: Winners revealed

21st awards ceremony

COVER
clock 17 April 2024 • 2 min read
L&C Mortgages appoints new CEO

L&C Mortgages appoints new CEO

Mark Harrington appointed

Cameron Roberts
clock 17 April 2024 • 1 min read
Customer Care Awards 2024: shortlist announced

Customer Care Awards 2024: shortlist announced

Rewarding provider excellence

COVER
clock 17 April 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read