Aviva has appointed Amanda Blanc as chief executive on a £1m basic salary to take over from Maurice Tulloch who is stepping down for family reasons after 14 months.

Aviva has reported a modest 6% increase in operating profit in 2019 from just over £3bn to £3.18bn.

Sir Adrian Montague, chairman of Aviva, is to retire this year once a replacement is found.

New Aviva chief executive Maurice Tulloch has announced a major restructuring which will see the group streamlined into five divisions and both substantial investment and cost cutting between now and 2022.