UK Insurer Aviva To Narrow Focus, Shed 16 Business Units

Law360, New York (July 5, 2012, 4:10 PM EDT) -- The U.K.'s second largest insurer, Aviva AV, announced a new strategy for the company Thursday to narrow its focus and improve its financial performance, including shedding 16 business segments, about a third of its businesses.

Aviva's new chairman, John McFarlane, who took the helm Sunday after former CEO Andrew Moss stepped down amid a shareholder protest over his compensation, said in a message to shareholders Thursday that he planned to sell off 16 underperforming units.

“Aviva has great strengths that can be leveraged further, including our...
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