NEW YORK (TheStreet) -- Shares of Aviva Plc  (AV) are down -3.35% to $17.03 after CEO Mark Wilson pledged to continue cost cuts and attract funds to its investment unit in an effort to boost earnings at the U.K.'s second-biggest insurer by market value, Bloomberg reports.

The CEO plans to cut the operating expense ratio to less than 50% from 54% last year and double annual excess cash flow to $1.4 billion by the end of 2016, the company said.

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