The ads, created by AMV, promote the company's name change in the UK market from Norwich Union to Aviva and feature celebrities such as Ringo Starr and Bruce Willis who have also changed their names.
The Daily Telegraph reported that shareholder said at the AGM: 'Who needs to see Ringo Starr telling us about name changes? You seem to think you can squander our money how you want to'.
Another shareholder reportedly said: 'These grand ideas sound alright, but if you'd saved money we might have been better off.'
An Aviva spokeswoman played down the reports, claiming the rebrand advertising was only touched upon twice over the course of a lengthy question and answer session with the board.
Chief executive Andrew Moss also pointed to a recent report by agency Brand Finance, which ranked Aviva as the fourth most valuable insurance brand in the world with an estimated brand value of over $6bn.
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