London-headquartered insurer Aviva has finalised the sale of its life insurance business in Vietnam to Manulife, which was first announced a year ago.
The business has been sold for an all cash consideration in a transaction that’s expected to increase the company’s IFRS Net Asset Value and Solvency II surplus by around £100 million.
As part of the deal, Manulife will enter into a new distribution agreement with Aviva Vietnam’s existing exclusive bancassurance partner, Vietnam Joint Stock Commercial Bank for Industry and Trade.
Earlier this year, Aviva announced its plans to exit the Turkish re/insurance market via a sale of its shareholding in AvivaSA Emeklilik ve Hayat AS (Aviva SA).
It agreed to sell its entire 40% shareholding in the Turkish join venture to Ageas Insurance International N.V.
Aviva also entered an agreement to sell its French business to mutual insurer Aéma Groupe, for €3.2 billion in cash.
The insurer has also sold its Singaporean business, half of its Italian division and its Hong Kong joint venture.
Aviva noted that its sole focus will now be on its businesses in the UK, Ireland and Canada.
