Andrew Moss, the chief executive of Aviva, further tightened his grip on the UK's biggest insurance group as he unveiled plans to rebrand its fund manager, Morley, as Aviva Investors and create a global player in the asset management business.

The insurance boss, delivering his first set of annual results since he took the top job last July, cheered investors by setting an ambitous growth target of doubling earnings per share by 2012.

He boosted the annual dividend by 10 per cent to 33p and struck an optimistic note about the market environment, both in general insurance and life and pensions.

He said Aviva was well-placed to weather any downturn in either the UK or US.

"We are very confident in terms of the outlook going forward in terms of our balance sheet. We strongly believe that our business model allows us to have real confidence about next year and beyond," Mr Moss said.

It came as Aviva beat consensus forecasts with a 1 per cent increase in operating profits to £3.29 billion for the year to the end of December.

A 35 per cent increase in operating profits at the life business to £2.75 billion helped offset a more disappointing 39 per cent slide in operating profits from general insurance and health to just over £1 billion.

In the UK, a £475 million claims bill for the summer floods sent general insurance profits down 61 per cent to £433 million but failed to take the shine off a healthy increase in domestic long-term savings and new life assurance sales.

Having jumped more than 6 per cent, Aviva shares were more than 3 per cent higher, up 20p at 630p.

Alain Dromer, the former HSBC executive brought in by Mr Moss to manage Morley last year, will lead a growth drive at Aviva Investors as it aims to bump up the amount of profits it generates for the group.

Each of Aviva's international asset management operations will be rebranded under the Aviva Investors name, according to Mr Dromer, who said he had been carrying out a performance review since he joined towards the end of last year.

Mr Dromer will hire additional fund managers to add to Aviva Investor's 1,300-strong staff. Where appropriate, he said, individual managers will work locally to generate investment returns. A 'Global Investment Platform' has also been set up to enable the group to sell investment products across borders and use scale to improve returns where possible.

Aviva Investors will actively chase new third-party customers, Mr Dromer said.

"It was a tale in the past that insurers would never have a good fund management business. That is over now," Mr Dromer said. Aviva Investors will "grow fast and be bold", he said.

Although he refused to outline targets, Mr Dromer said growth should comfortably exceed the group earnings per share plan for 2012.

A team of six global executives has been put in place, including Richard Field, the director of investments at Norwich Union Life who becomes director of global investment solutions. Mr Dromer said he was "actively looking" for a director of business development and a chief technology officer.

Tim Young at Collins Stewart welcomed today's results. "Aviva has one of the most diversified books of business of the European insurers, both geographically and by product ... Aviva is undeniably over-sold and should be in the forefront of a sector re-rating once investors’ fears over credit are allayed," he said.

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