According to reports, the rebranding cost an estimated £80m, causing outrage among shareholders, but justified by the company as having been considerably cheaper than its initial plans.

While A-list celebrities, such as Bruce Willis and Elle Macpherson, were not available at fire-sale prices, some outdoor advertising space was being unused. The company said adverts that would have been displayed for two weeks were still up months afterwards and the cost of the campaign came in at a fifth less than anticipated.

The news comes as the Outdoor Advertising Association reported that revenues for the first quarter of 2009 were down nearly 20% year-on-year.

However, outdoor advertising company JCDecaux (which wasn't connected to the Aviva rebrand) said billboard audiences had grown in the first quarter and, although there were fewer panels on display, each was getting more views on average.

The company put this down to more compelling creatives, naming the recent M&S, Persil and Stella Artois campaigns as exemplary.