Aviva’s shares jumped almost 5 per cent on Monday after an unexpected boost to the life and general insurer’s capital strength led investors to bet that any chance of a rights issue had been quashed. The company also reported better first quarter sales than expected.

But the good news was tainted by confirmation that it had lost the highly respected finance director of its UK life assurance business, Nic Nicandrou, to arch-rival Prudential, which is soon to be run by another Aviva alumnus, Tidjane Thiam.