Aviva has overhauled its senior management team and announced a revised strategic business plan after major shareholders raised serious concerns.
The insurer said its objectives would be to narrow the scope of its business, build its financial strength and improve its financial performance.
Major shareholders at the insurer have expressed concerns over the scope of its international business, the firm's financial strength and its exposure to risk and the complexity of its financial statements.
In a note to shareholders, new chairman John McFarlane, said Aviva would focus on fewer business segments where it could produce attractive returns with a high probability of success.
He added it would aim to perform in line with industry peers and reduce its capital volatility and "bring leverage down to a conservative level".
McFarlane also said it would aim to deliver a higher level of revenue growth, lower losses and higher returns - in spite of the economic conditions.
He said: "Over and above this, we aim to advance our position and reputation with our customers and other stakeholders, and grow the capabilities of the group, such that we are in a stronger position at the end of each year in all respects than we began the year.
"In addition, we aim to implement a leaner and more agile operating culture, a higher performance ethic, and a less layered and bureaucratic management style."
Top executive changes
* David McMillan has been appointed as director group transformation to oversee the changes
* Robin Spencer will replace McMillan as chief executive, UK & Ireland general insurance
* John Lister will replace Spencer in a new role as group chief capital and risk officer
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