THE financial performance that prompted Aviva shareholders to oust chief executive Andrew Moss has been laid bare in the firm’s latest figures.

The insurer, which has seen its shares fall in value by 40% over the past 12 months, revealed a 5% drop in sales of long-term savings and flat sales for general insurance and health premiums in the first quarter of the year.

Aviva’s £1.3bn exposure to the troubled eurozone economies of Portugal, Italy, Ireland, Greece and Spain also continued to hit the group as life and pension sales in Italy and Spain tumbled by 23%.

The soft performance comes despite a series of TV adverts starring actor Paul Whitehouse, in which he plays a variety of characters promoting a range of insurance products.

Stand-in boss John McFarlane repeated his pledge to improve the group’s financial performance as he prepares to conduct a strategic review of all its businesses.

Mr McFarlane stepped in as executive deputy chairman following the abrupt exit of Mr Moss, who stood down after investors staged a massive protest vote against Aviva’s annual pay report.

Mr McFarlane described the first quarter performance as “solid’’ and said profitability in Aviva’s life and general insurance businesses was in line with targets.

He said: “My first task is to make an improvement in the capital and financial strength in the group as well as an improvement in our financial performance.

“While not underestimating the significance of the challenge I am optimistic of the outcome.”

Mr McFarlane said the task of finding a new chief executive for the group had begun, but was expected to take the remainder of this year.

Operating profits for the quarter were marginally down compared to the same period last year due to the sale of breakdown service RAC.

Long-term savings sales totalled £7.5bn against £7.8bn in the first quarter of 2011. General insurance and health net written premiums were flat at £2.2bn.

The UK life business saw long-term sales increase by 1% to £2.9bn with life and pension sales up by 6%. UK annuity sales slipped to £641m from £645m before.