The company is to sell off part of its Asia business, including a Hong Kong-based asset

Aviva is splitting its business into five divisions as part of its strategy overhaul announced by chief executive Maurice Tulloch earlier in the year.

The divisions will comprise: Investment; Savings & Retirement; UK Life; General Insurance; Europe Life; and Asia Life.

Yesterday it was announced that an idea mooted to sell off its Asian business was being shelved. But Aviva said it would sell off its share in Hong Kong joint venture Blue to Hillhouse Capital, and it was in discussions with partners over the future of its Vietnam business and an Indonesian joint venture.

”We are retaining our businesses in Singapore and China which support our strategy of meeting customers’ saving and insurance needs. These are profitable businesses, delivering attractive growth and generating positive cash-flow,” Aviva said in a statement.

In terms of financial targets, it is aiming for £7.5bn capital generition over the next three years. The £300m a year cost-reduction by 2022 target remains, while the company looks to cut its debt by £1.5bn over the next three years.

In terms of the General Insurance business, Aviva said it was targeting significant profitable growth ”through speed, simplicity and efficiency for our customers, and our distribution partners”.

”We will strengthen personal lines performance while maintaining growth momentum and attractive margins in commercial lines,” the company added.

Investment bank Citi said the Aviva strategy ”calls for a slow burn story that requires consistent execution vs the more aggressive action regarding the shape of the group that some were hoping”.