Aviva to sell Vietnam unit to ManuLife


FILE PHOTO: An Aviva logo sits on the window of the company head office in the city of London, Britain. REUTERS/Simon Dawson/File Photo

LONDON: British insurer Aviva is to sell its Vietnamese business to Canadian insurer ManuLife it said on Monday, as it pushes ahead with plans to pull out from its non-core markets.

Aviva, under new boss Amanda Blanc, is looking to sell its businesses in continental Europe and Asia, to focus on Britain, Ireland and Canada.

Years of share price underperformance in the life and general insurer have irked investors.

Aviva did not give a price for the cash sale of the Vietnamese life insurance business, but said the deal would increase its net asset value and Solvency II surplus by around 100 million pounds ($133.67 million).

ManuLife said in a separate statement it had agreed a 16-year bancassurance partnership with VietinBank, and was buying Aviva Vietnam as part of the deal.

Aviva sold a majority holding in its Singapore business in September and last week completed the sale of its Hong Kong joint venture.

In Europe, French mutual insurer Macif is stepping up efforts to buy Aviva France, Reuters reported last week.

Aviva is also looking to sell businesses in Italy and Poland, and joint ventures in Turkey, China and India.

It sold its stake in Italian life insurer Aviva Vita to joint venture partner UBI Banca last month.

Aviva's shares were up 2% at 0816 GMT. ($1 = 0.7481 pounds) - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Aviva , Manulife , Amanda Blanc , VietinBank

   

Next In Business News

Bursa Derivatives commences night trading on Dec 6
FRANK by OCBC goes fully digital with e-KYC platform
T7 Global secures contracts valued at about RM300mil
Kelington receives RM85mil job for of gas system distribution project
Alliance Bank's brokerage disposal could support dividend payout
Jade Marvel teams up wtih YHL Foods in frozen seafood venture
Foreign outflow accelerates to RM550.9mil on Bursa amid Covid, Fed policy fears
Downtrend continues on Bursa Malaysia
Trading ideas: Alliance Bank Malaysia, UWC, Taliworks Group, Southern Steel, Jayacorp
Business news summary for Nov 29 to Dec 5

Others Also Read


Vouchers