Aviva has continued its strategy of streamlining its portfolio to counteract a fall in profits faced this year.
This was followed in quick succession by the sale of Aviva Vietnam to Manulife for an all cash consideration, a deal that is expected to increase the company’s surplus by £100m.
The “decisive action” resulted from a fall in operating profit of £100m to £1.2bn for H1 2020, leading the firm to switch its focus purely to its “strongest businesses”.
“We are going to focus on those businesses where we have the necessary size, capability and brilliant customer service to generate superior shareholder returns.”
She added: “This is where we will invest and grow. Where we cannot meet our strategic objectives, we will take decisive action and we will withdraw capital.”