Leslie Van de Walle, a non-executive director at Aviva, has sold £42,659-worth of shares in the insurance giant.
Van de Walle, 55, who joined the board in 2009 and is also the director of SIG, sold 12,826 shares at 332.60p each.
Last month Aviva announced that it is to raise $400m in capital securities, which will operate almost exactly like bonds and will pay 8.25%. They are due for repayment in 2041.
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The firm, which saw a decline in world-wide sales in the nine months to the end of September, says it will use the money for "general corporate purposes" and that "proceeds will be counted towards its regulatory capital resources".
As of the end of the third quarter, total sales stood at £30,597m down 5% on the same period of 2010.
The internal rate of return figure has improved from 2010, however, rising to 13.8% from 13.1%.
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Top Director Buys
Centamin Egypt Ltd. (CEY)
Director name: Mr Josef El-Raghy
Amount purchased: 250,000 @ 96.65p
Value: £241,625
Lok'n Store Group (LOK)
Director name: Mr Charles Peal
Amount purchased: 10,000 @ 100.00p
Value: £10,000
Top Director Sells
Centamin Egypt Ltd. (CEY)
Director name: Mr Trevor Stanley Schultz
Amount sold: 900,000 @ 96.53p
Value: £868,770
Brewin Dolphin Holdings (BRW)
Director name: Mr Robin A Bayford
Amount sold: 112,826 @ 132.00p
Value: £148,930
First Derivatives (FDP)
Director name: Mr Adrian John Toner
Amount sold: 15,944 @ 480.00p
Value: £76,531
Aviva (AV.)
Director name: Mr Leslie Van de Walle
Amount sold: 12,826 @ 332.60p
Value: £42,659
Mid Wynd International Inv Trust (MWY)
Director name: Mr P M S Barron
Amount sold: 5,000 @ 228.00p
Value: £11,400
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