Newspaper The Financial Times said one division would contain life insurance and the other would be non-life insurance, such as home and car cover.
A spokesperson for the insurer told International Adviser: “We aren’t commenting on this as it is speculative.
“We have announced that we will be giving an update to investors on June 6 but the fulsome strategy update will be later in the year.”
The chief executive of Aviva, Maurice Tulloch, is reportedly set to make his mark on the firm after being appointed to the role in March.
Tulloch said during the firm’s results in March: “There’s a huge opportunity here.
“At the heart of it, it’s all about insurance fundamentals, delivering excellent customer experience, tackling complexity and injecting a different pace of change into Aviva.
“And that will be just the start. I am determined to re-energise Aviva and deliver long term growth for our shareholders.”
This came before the departure of UK chief executive Andy Briggs in April.