18th Nov 2019 08:36
(Alliance News) - Aviva PLC on Monday said it has decided to retain its Singapore businesses.
The FTSE 100-listed insurance company said the move follows a "thorough" review of options for the Singapore business, including seeking offers for the business.
Earlier on Monday, Bloomberg reported that Japan's MS&AD Insurance Group Holdings Inc and Canada's Manulife Financial Corp were vying to buy Aviva's assets in Singapore and Vietnam, with the sale process entering its final stage.
FWD Group Ltd, an acquisitive insurer backed by billionaire Richard Li, was also said to be in the race, but only for acquiring Aviva's Singapore business.
Also on Monday, Aviva confirmed that its joint venture in China will be retained, given the scale of the market, "excellent" relationship with its partner China Oil & Food Corp 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 group centre in 2019," the company said in its statement Monday.
Looking ahead, Aviva said it is continuing to explore strategic options for its operations in Hong Kong, Vietnam and Indonesia, with its respective partners in each country.
Aviva shares were trading 3.2% lower on Monday morning in London at 420.40 pence each, making it the worst performer on the FTSE 100 index.
By Evelina Grecenko; [email protected]
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