Aviva sells entire stake in Indonesian joint venture

Aviva sells entire stake in Indonesian joint venture | Insurance Business

Aviva sells entire stake in Indonesian joint venture

Earlier today it was reported by Reuters that the British insurance company, Aviva, has said that it will sell its entire stake in joint venture PT Astra Aviva Life to its partner in the operation, and pull completely out of Indonesia. Aviva has declined to say how much the sale will raise.

In a statement, Aviva said: “The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions.”

The company said that regulatory approval will be needed in Indonesia, as well as the completion of Bangkok Bank’s acquisition of Permata Bank, Aviva Indonesia’s bancassurance partner. It also said that the shareholders of Bangkok Bank approved the acquisition of Permata Bank on March 05, 2020.

The news follows the review Aviva began of its Asia business in 2019 under new CEO Maurice Tulloch. The insurer said in November that it had decided to keep its Singapore and China operations, but was considering options for its Indonesia, Vietnamese and Hong Kong businesses.