Aviva wraps up divestment plan with latest deal

Aviva wraps up divestment plan with latest deal | Insurance Business Canada

Aviva wraps up divestment plan with latest deal

Aviva is now significantly simpler and completely focussed on its strongest businesses in the UK, Ireland, and Canada.”

Those were the words of Aviva Plc after finalizing the sale of its entire shareholding in Aviva Vietnam Life Insurance Company Limited. The wholly owned business was offloaded to Manulife Financial Asia Limited in a deal that was unveiled in December 2020.

Financial terms of the transaction, which crossed the finish line after Christmas 2021, were not disclosed.

When the sale was first announced, it was noted that Manulife would be entering into a new distribution agreement with Vietnam Joint Stock Commercial Bank for Industry and Trade, the exclusive bancassurance partner of Aviva Vietnam.  

In a statement following the completion of the transaction, the British group stated: “This concludes Aviva’s divestment programme in which eight non-core businesses have been sold.”

Last year, Aviva completed its departure from the likes of Turkey and Italy as part of the insurer’s portfolio refocus.