Source - RNS
RNS Number : 5302T
Aviva PLC
13 October 2017
 

 

 

13 October 2017

 

AVIVA TO EXIT TAIWAN

 

Aviva plc ("Aviva") today announces that it has agreed to sell its entire 49% shareholding in its joint venture in Taiwan, First Aviva Life ("Aviva Taiwan") to Aviva's joint venture partner, First Financial Holding Co. Ltd. ("FFH").

 

Following a strategic review of Aviva Taiwan, Aviva concluded that the business is not central to the group's strategy to focus on markets where it can achieve scale and profitability or have a distinct competitive advantage.

 

The transaction has a negligible impact[1] on Aviva's IFRS net assets, Solvency II capital position and IFRS operating profit. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2018.

 

Chris Wei, Executive Chairman of Aviva Asia and Global Chairman of Aviva Digital, said: "We have refocused Aviva's Asian business on core markets where we have excellent opportunities to grow. With our strong partners and our digital focus, we are intent on disrupting the traditional insurance market."

 

-ends-

 

 

Enquiries:

 

Media

 

Yasmin Saleh                                                                          +44 (0)20 7662 8710

 

Analysts

 

Chris Esson                                                                            +44 (0)20 7662 8115

 

 

 

Notes to editors:

 

·     Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.

 

·     In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.

 

·     Aviva's asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion.

 

·     Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.

 

·     By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.

 

·     The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive.

 

·     For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us.

 

·     For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/.

 

·     Follow us on twitter: www.twitter.com/avivaplc/.

 

·     Follow us on LinkedIn: www.linkedin.com/company/aviva-plc.

 

·     For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva.

 

·     We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.

 

 

 



[1] On the basis of carrying value at 30 June 2017


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEASEDFSKXFEF