Aviva executive deputy chairman John McFarlane has instigated a strategic review of its businesses as the insurer begins a worldwide search for a new group chief executive.
The review follows the departure of group chief executive Andrew Moss earlier this month.
McFarlane says: “We have begun the process of identifying a new chief executive for the group, internally and externally. We expect this will take the remainder of this year, as we need to appoint the best person in the world available to us.
“We will be undertaking a strategic review of all our businesses to ensure we are focused on the right segments; that we put in place plans to advance the performance and position of our businesses strategically, and exit sensibly those that are not part of our future.
“These will be reviewed by me and subsequently the Board in June, and we will provide an update to you in July.”
The firm has already overhauled its investment arm, announcing in January that 160 roles would be cut as the firm reduces its retail presence.
Aviva’s interim management statement for the first three months of the year shows sales in the provider’s UK life business rose 1 per cent, from £2.84bn in 2011 to £2.88bn in 2012.
Pensions sales increased 12 per cent, from £1.12bn last year to £1.26bn this year. Individual annuity sales fell slightly, from £645m in Q1, 2011 to £641m in Q1, 2012.
Protection sales increased 20 per cent during the same period, from £250m last year to £300m this year.
Bulk annuity sales dropped from £140m to £21m as the provider chose not to write business that did not meet its profitability criteria.