The chief executive of insurer Aviva has waived his 2012 salary increase as part of a review of its executive pay policy launched in response to pressure from shareholders.

The review will look at whether the pay of senior executives is justified by shareholder returns, and will also examine how much Aviva compensates executives who join the firm for benefits they forgo in their previous jobs, Aviva said yesterday.

Chief executive Andrew Moss was to have received a salary increase of 4.8 per cent for 2012, equivalent to £46,000.

Shares in Aviva, Britain’s second-biggest insurer, lost almost a quarter of their value last year. “We take the views of our shareholders very seriously,” said Scott Wheway, the chairman of Aviva’s remuneration committee.