The country's second-largest insurer has seen its share price tumble after announcing a huge loss and cut to its dividend.
Aviva lost more than 14% of its value when the FTSE 100 opened for trading.
It had updated the market on its performance for 2012, confiring it was slashing payouts to shareholders by a quarter to pay for a turnaround strategy aimed at bolstering capital and profit.
Investors will get 19p per share in total from 2012 earnings, down from 26p the previous year.
The company slumped to a net loss of £3bn, mainly owing to a massive writedown following the sale of its US business.
The dividend cut is the latest step in a reorganisation launched by Aviva last July after investors irked by a persistently weak share price forced out chief executive Andrew Moss.
Under the recovery plan, the company has cut costs and raised about £2.4bn by selling less profitable businesses, including its US subsidiary.
Its underlying profits were in line with analysts' expectations and suggested Aviva's core day-to-day business in the UK is healthy.
News of the lower dividend at Aviva emerged as rival British insurer Standard Life cited a strong capital position for announcing a one-off payout of £302m to shareholders.
Investors have traditionally looked to insurers for strong dividend payments as revenues are seen as predictable, given the practice of customers renewing policies annually.
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