While Cevian wants Aviva to hand back £5bn in excess capital to shareholders and cut costs more aggressively, Ms Blanc has said she only plans to return "at least" £4bn. She is expected to make an announcement about the capital return when the insurer reports its full-year results in early March. In November, Aviva also said it was on course to deliver cost savings of £300m in 2022. This was lower than the £500m sought by Cevian, which fashions itself as a constructive activist rather than an aggressive one.