(Reuters) — Aviva PLC on Monday appointed internal candidate Maurice Tulloch as its new CEO after a lengthy selection process, a choice that analysts say could herald change at Britain’s second-biggest insurer.

Mr. Tulloch, who will take over with immediate effect, is expected to sharpen Aviva’s focus on the home market and some analysts say he may decide to put some overseas units under review, including some of its Asian businesses.

Other possible changes include the sale of some of its portfolio of life insurance policies closed to new customers, they added.

Aviva, which traces its roots back to 1696, sells everything from life to car insurance, an unwieldy and expensive model that has failed to deliver the same results as more focused rivals like Prudential PLC and Legal & General Group PLC.

“We must focus on the fundamentals of insurance and giving our customers the best possible experience,” Mr. Tulloch, who joined Aviva in 1992, said in a statement, adding that there was “more to do to improve returns for shareholders”.

Most recently based in Canada, where he headed Aviva’s international business, Mr. Tulloch was seen as one of the front runners for the post along with fellow internal candidate Andy Briggs, head of the firm’s UK business, its biggest revenue earner.

Unanimous decision

Chairman Adrian Montague, who had temporarily stepped in as CEO following Mark Wilson’s ouster last October amid concerns about a struggling share price, will revert to his role as nonexecutive chairman.

Mr. Montague said in a statement that the decision, which an Aviva spokesman said was taken by the board on Sunday night, was unanimous. External and internal candidates were considered, he added.

Possible external candidates included former Old Mutual CEO Bruce Hemphill and ex-Lloyd’s of London CEO Inga Beale, Reuters reported last month.

“We believe the protracted process of bringing in a new CEO and the rumours of external candidates shows the board’s desire to see change within the group,” Barclays analysts said in a note, reiterating their overweight rating on the stock.

Meanwhile, Panmure Gordon analyst Barrie Cornes said Mr. Tulloch “will make changes where needed and shouldn’t be underestimated.”

However, one Aviva shareholder said the choice of an internal candidate was unlikely to signal “a radical plan — with more upheaval.”

Under Mr. Wilson’s leadership, Aviva clinched one of the biggest insurance takeovers in a decade by buying Friends Life in 2015.

But despite improving profitability, Mr. Wilson failed to turn Aviva’s share price performance around, with the company’s stock up 25% during his tenure against a 61% return for the insurance sector within the FTSE-100.

In attempts to stay nimble and competitive, former Anglo-South African financial services business Old Mutual split its business in four last year, while Prudential is preparing to list its U.K. business separately.