U.K. insurer Aviva PLC (AV.LN) said Wednesday it plans to list on the New York Stock Exchange (NYX) and start trading Oct. 20, a move that will give it a bigger profile among U.S. investors.

"The U.S. is a strategically important market for Aviva. It is the largest savings market in the world and represents a significant growth opportunity for us over the long term," Chief Executive Andrew Moss said.

"Listing now is a natural step for Aviva, as more than 20% of our shareholders are in the U.S. and we expect that number to increase,” Moss said.

The plan to list in the U.S. comes amid plans to launch a partial initial public offering of its Dutch unit Delta Lloyd.

Aviva said no new Aviva shares will be issued in the NYSE and it will retain its current primary listing on the London Stock Exchange. Instead, Aviva will establish a level-2 American Depositary Receipt program together with Citibank (C) and will trade under the "AV" ticker symbol. An ADR represents ownership in the shares of a non-U.S. company.

Aviva's move runs counter to a recent trend of European companies quitting their listings overseas.

Two weeks ago, Allianz SE (AZ) said it would delist from the New York Stock Exchange and other European stock exchanges, in a move to reduce reporting complexities.

Allianz joins the ranks of a number of European companies that have delisted their shares from NYSE over the past two years. These include German utility E.ON AG (EOAN.XE), chemicals and pharmaceuticals giants Bayer AG (BAY.XE) and BASF SE (BAS.XE), British Airways PLC (BAY.LN) and Danone SA (BN.FR), which all delisted in 2007, citing reporting requirements and costs.

An Aviva spokeswoman said the costs related to the listing would be small.

"We have an ongoing global finance program which is looking at our financial processes, controls and risk-management frameworks. Part of that brings with it Sarbanes-Oxley (Act) compliance and also broader risk-management benefits for the group. And therefore, the incremental cost to Aviva of listing in NYSE is minimal."

Aviva said the NYSE listing "will give further momentum to Aviva’s brand in the U.S. as it looks to capture growth in the retirement market, accelerate life insurance sales and benefit from the country’s attractive demographics over time."

Shore Capital analyst Eamonn Flanagan said the plan could "facilitate easier transactions and better liquidity for them in America. I presume they want to make it easier for U.S. investors to buy into Aviva directly. They want to raise the profile of the group in the U.S."

Flanagan kept his buy rating on the stock.

Aviva's North American business saw its life and pensions sales rise 57% to GBP5.7 billion last year, forming 16% of the global total of GBP36.28 billion.

Aviva shares closed 3.8%, or 17 pence, higher Wednesday at 467 pence, leading the rise among insurance stocks in a lower London market.

Company Web site: www.aviva.com

-By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0) 2078429486, vladimir.guevarra@dowjones.com