Sir Montague informed the board of his decision to retire as chairman of the company in 2020 once a successor had been appointed.

Having joined as a non-executive director in January 2013, Sir Montague was appointed chairman of the company in April 2015. The board has since initiated a process for the appointment of a successor.

He said: “When I became chairman in 2015 the board asked me to commit to serve for at least five years. Now that Maurice has launched Aviva’s strategy, a new senior management team is in place and the board has been refreshed, it is also time for a new chairman. In the meantime I remain committed to this great organisation which I am confident will deliver for all its customers, employees and shareholders.”

George Culmer, senior independent director, added: “On behalf of the board, I would like to express our deep thanks to Adrian for his service, leadership and guidance over the past seven years. Adrian has chaired Aviva through a period of considerable change and departs with our very best wishes for the strong legacy he leaves.”