Aviva officially departs with Taiwan unit

Focus for major insurer is now on markets with "excellent" growth opportunities

Aviva officially departs with Taiwan unit

Insurance News

By Terry Gangcuangco

British insurance giant Aviva, whose group chief executive Mark Wilson is interested in markets such as Canada and Poland, has completed the sale of its 49% shareholding in Aviva Taiwan.       

The shareholding in the joint venture, also known as First Aviva Life, was sold to First Financial Holding Co. Ltd. – Aviva’s partner in the Taiwanese JV. Financial terms of the deal were not disclosed.    

“We have refocused Aviva’s Asian business on core markets where we have excellent opportunities to grow,” said Chris Wei, executive chairman of Aviva Asia and global chairman of Aviva Digital, when the sale of Aviva Taiwan was announced last October following a strategic review.

No new name for First Aviva Life has been revealed.

Meanwhile the largest insurance group in the UK plans to deploy £2 billion of excess cash this year and is on the lookout for mergers and acquisitions.

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