Operating profit on a continuing basis at Aviva Investors was £42 million ($63 million) for the full-year 2012, down from £53 million in 2011, the firm reported in its 2012 full-year results.

But the group said Aviva Investors is one of its core businesses and regards it as a priority in 2013 in terms of “strategic realignment”.

The group reported a loss after tax of £3.1 billion during the year (2011: profit after tax £60 million), which the firm said was primarily due to the sale of its US business. For continuing operations, the loss after tax was £202 million.

“The £3 billion loss after tax is driven principally by writedowns we have previously announced due to the agreed sale of our US business,” said Mark Wilson, group chief executive. “Operating profit levels were healthy across our major businesses, especially in the UK, France and Canada.”

Meanwhile, the group said it has simplified its portfolio of businesses and as a result will operate in 18 countries - a figure down from 30 three years ago. “These changes, including the announced sales of Aviva USA and Delta Lloyd and the settlement of our agreement to transfer Aseval to Bankia in Spain, will result in a positive movement in our economic capital.”

Moves

Nick Amin has been appointed as group transformation director, while David McMillan has been named CEO of Aviva Europe and Jason Windsor has been made group executive.

Khor Hock Seng is now CEO of Aviva Asia - a move the firm said reaffirms its commitment to selected markets in that region - while Christine Deputy’s appointment as new group human resources director gives the firm the “necessary leadership and experience for our cultural change,” it said.

“In addition, given the economic climate and the recent performance of the group, I have implemented a pay freeze for the top 400 managers and focused our resources towards other levels,” Wilson said.

“Our overall spend on bonuses at senior levels will match the business performance and will be based on rigorous differentiation between performance levels,” he added. “We will focus the money available on our top performers who made the largest contribution.”