Aviva to exit 16 units in group overhaul

British insurer Aviva on Thursday said it planned to exit 16 non-core business areas and announced senior management changes following a major strategic review of the embattled group. Aviva said "16 segments that are currently producing or will prospectively produce returns below the group's required return ... will be exited." These included its South Korea operation and small Italian partnerships. "We are putting in place a management structure to achieve the required improvements in performance," it said in a statement. Aviva recently launched a strategic review of all its businesses in a bid to strengthen its capital base and share price after the shock resignation of its chief executive. CEO Andrew Moss sensationally quit in May as head of Aviva -- Britain's second biggest insurer after Prudential -- amid spreading shareholder revolts over pay for top managers viewed as underperforming. Aviva's recently-appointed chairman John McFarlane on Thursday said that the search for a new chief executive was ongoing.