29th Dec 2021 16:55
(Alliance News) - Aviva PLC has completed the sale of its Vietnamese arm for an undisclosed sum, the insurer said Wednesday.
Manulife Financial Asia Ltd, which is part of Canadian insurance firm Manulife Financial Corp, bought the business in a deal first announced in December last year.
The sale of Aviva Vietnam Life Insurance is part of the FTSE 100 life and general insurer's strategy to focus on its strongest businesses in the UK, Ireland and Canada, while reducing its focus in Asia and Europe.
"This concludes Aviva's divestment programme in which eight non-core businesses have been sold. Aviva is now significantly simpler and completely focused on its strongest businesses in the UK, Ireland and Canada," the company said.
Aviva did not disclose the sale price for the Vietnam unit but in December 2020 said the deal would increase its IFRS net asset value and Solvency II surplus by about GBP100 million.
Shares in Aviva closed up 1.0% at 414.10 pence on Wednesday in London.
By Will Paige; [email protected]
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