Restructuring costs hit Aviva hard in 2012 as profits fell 10 per cent, according to its half-yearly results today.
Figures show the firm's pre-tax operating profit fell from £1.03bn in the first half of 2011 to £935m in 2012.
The new sponsor of the Institute of Financial Planning spent £186m on restructuring the company which included changes for Solvency II and the merger of Aviva UK and Ireland businesses. This compares to £111m spent in the first half of 2011.
Other factors contributing to the loss included the sale of the RAC business, adverse foreign exchange movements and the negative impact of UK weather.
Operating profit for life insurance was down seven per cent from £1.08bn to £1.01bn. However, in the UK specifically, life operating profit rose by two per cent to £469m.
Total funds under management were £342bn, up from £337bn in the first half of 2011. Aviva Investors' fund management operating profit fell from £39m to £34m following the decision to reduce focus on the financial institution sectors.

The firm is also without a chief executive after Andrew Moss stepped down from the company in May. John McFarlane is working as executive chairman until a replacement is found although Aviva does not expect to appoint anyone until the end of the year.
Pat Regan, chief financial officer, said: "Our strategic priorities are to narrow Aviva's focus, build financial strength and improve financial performance.
"We are focusing on these business segments where we can deliver attractive returns. We are reducing the cost base by £400m and have already removed the regional layer of Aviva's structure, reduced the number of management layers and have taken steps to develop a sharper performance ethic across the group.
"Although trading conditions in a number of our major markets will continue to be challenging throughout 2012 we have a clear strategy which we are delivering against. We are confident we will succeed."