UK-based insurer Aviva has outlined a bold international growth strategy in the wake of its failed bid for rival Prudential plc.

The group plans to achieve average annual organic sales growth of at least 10% a year across its international life operations over the next five years, while growing new business profit at least as quickly as sales.

In addition, Aviva plans further international life growth from new joint ventures and other distribution deals, funded by internally generated capital. It will also continue to grow its international general insurance businesses, in a manner consistent with the group-wide target of meeting or beating a combined operating ratio of 98%.

Aviva’s international executive director Philip Scott commented: The growth of our life portfolio will come from building on our strong businesses in continental Europe, our growing business in North America and from the excellent positions we are taking in the developing Asian markets.

We continue to focus on organic growth with a watchful eye on value-creating acquisition and joint-venture opportunities.

Some analysts have suggested that Aviva is vulnerable to takeover following its aborted bid for Prudential, the handling of which was criticized by some of the firm’s institutional investors.