Chief executive Andrew Moss said the company would focus more closely on its most profitable markets, at the expense of other territories.
“We are going to focus on and invest in 12 key markets; and on the positive side, you will see that investment in those markets,” he said on a conference call.
“It will mean de-emphasising certain other markets and, over the course of the next 6-12 months, I think that will become clear.”
Analysts have speculated the company could make disposals as part of the plan, first set out in November.
Moss declined to comment on which countries or assets might be targeted, but said there was currently no plan to offload Aviva’s 58 percent holding in Dutch insurer Delta Lloyd.
The stock has risen 11 percent in the year to date, outperforming an 8 percent rise in the FTSE 100 life insurance index.
“We are conscious that internally Aviva has identified a number of business units that need to improve their contribution,” Investec analyst Kevin Ryan wrote in a note.
“We suspect any disposals would be viewed favorably by the market.”
Aviva also said its 2010 operating profit rose 26 percent on the year to 2.55 billion pounds ($4.16 billion), outstripping the 2.44 billion pounds pencilled in by analysts, according to the company’s calculation of consensus expectations.
The improvement was driven by Aviva’s life insurance business, where operating profits rose 23 percent to 2.32 billion pounds, as well as 149 million pounds of cost cuts.
Aviva’s strategy of refocusing on its most profitable markets forms part of a wider turnaround plan aimed at improving shareholder returns, amid criticism from some investors that it has under-performed its main British rivals.
Under the plan, Aviva has been cutting costs, paying off debt and focusing on cash generation, and last year also eliminated its 1.7 billion pound staff pension deficit.
Aviva’s Moss also said the company was not planning any takeovers, quashing reports that it could bid for rival RSA.
“We’re not really focused on acquisitions. We’re focused on continuing to grow the business that we have. I don’t think we are firing on all cylinders yet; there is more to come,” he said.
Aviva is paying a total dividend of 25.5 pence per share, an increase of 6 percent.
