Aviva in red but boss given a rise to £2.2m

Aviva chief executive Andrew Moss got a large bonus and basic pay rise last year, taking his total package well above £2 million even though the Norwich Union insurer swung sharply into the red.

Aviva shares have fallen 17% since it reported its annual results three weeks ago, and 60% in the past year.

Investors were dismayed it maintained its dividend despite the increasing strain on its balance sheet when rival Legal & General halved its payout.

Aviva swung from pre-tax profits of £1.8 billion to losses of £2.4 billion. But Moss, who was appointed chief executive in July 2007 after Richard Harvey suddenly decided to head for Africa on a belated gap year, saw his pay package increase by 6% to £2.22 million.

He and his two fellow executive directors have asked that they get no increase in their basic salaries — Moss's rose 5.1% to £925,000 last year — but they could still be in line for bonuses.

Moss last year received £752,000 in bonuses, one-third in cash and two-thirds in shares. He also got £463,000 in Aviva's long-term savings scheme.