Leading UK insurer Aviva has asserted that it is retaining its businesses in China and Singapore. Aviva is continuing to explore strategic options for its operations in Hong Kong, Vietnam and Indonesia, with its respective partners in each country, the company said in a statement.
Background: Aviva mulling sale of Asia business
Aviva said, “Following a thorough review of options for the Singapore business, including seeking offers for the business, Aviva has concluded that the best value for shareholders will be achieved by retaining the business.
“Aviva can also confirm that its joint venture in China will be retained, given the scale of the market, excellent relationship with its partner COFCO and the high growth prospects.”
Aviva's Singapore and China business units delivered double digit operating profit growth in 2018 and are earning attractive returns. Both countries are expected to pay dividends to the group centre in 2019.
Aviva, which provides life insurance, general insurance, health insurance and asset management to 33m customers, said in August that it was reviewing its Asian businesses as part of CEO Maurice Tulloch’s plan to turn around the group, that includes saving costs of GBP300m ($388m) a year by 2022.
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