Aviva unveils sell-off plans

Embattled insurance giant Aviva unveiled a major sell-off plan today as part of a broader turnaround in the wake of the resignation of its chief executive Andrew Moss.

Embattled insurance giant Aviva unveiled a major sell-off plan today as part of a broader turnaround in the wake of the resignation of its chief executive Andrew Moss.

Executive chairman John McFarlane said a review of 58 divisions had identified 16 weak performers that would be sold, including the bulk annuities business in the UK.

Mr McFarlane took over leadership in May when Mr Moss stood down following a shareholder revolt over executive pay and the group’s shares performance.

The former bank chief said the proposals would create “a leaner and more agile” business with a “less layered and bureaucratic management style”.

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