Aviva will return £4.7bn (€5.7bn) to shareholders after reporting a 10% drop in operating profit for 2021.

The insurer previously said it would give back at least £4bn to investors following a number of disposals following pressure from activist investor Cevian, which has sought £5bn in cash by the end of 2022.

The company has raised £7.5bn from selling eight businesses since the appointment of CEO Amanda Blanc in July 2020. "We've achieved a lot in the last year but we’re only just getting started," Blanc said in a statement.

"We have made clear strategic progress this year. We divested eight non-core businesses, generating £7.5bn of proceeds and realising excellent value for our shareholders," she continued.

"As a result, Aviva is now much leaner, simpler, and focused on the UK, Ireland and Canada, where we have market-leading positions and clear plans to deliver strong returns."

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Aviva said it was also buying adviser Succession Wealth for £385m and that it had increased its cost savings target for the 2018-24 period to £750m after Cevian had pushed for the company to cut costs more aggressively.

Operating profit from continuing operations at Aviva totalled £1.63bn, held back by weaker performance in the insurer's UK life business. The company will pay a dividend of 22.p per share this year and expects to pay out 31.5p per share next year.

Aviva has reported £14.4bn in gross written premiums last year, down from £15bn a year prior, with net investment income up from £15bn to £17.1bn, while expenses rose from £29.5bn to £32.4bn.

The company's profit from continuing operation of £336m was bolstered by £1.7bn in profit from the business it sold off for a total profit of £2bn, and a total comprehensive income of £1.66bn for the year after tax and losses from discontinued operations.

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