United Kingdom insurer Aviva said today its decision to sell its 49 per cent stake in a Taiwan joint venture to its partner First Financial Holding conformed to its strategy of withdrawing from less profitable markets.
Aviva declined to put a price tag on the sale, but Annie Lee, head of investor relations at Taiwan's First Financial, said Aviva sold its share in the joint venture, First Aviva Life, for $1.
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"This was not about financials, it was more a strategic decision", an Aviva spokeswoman said.
In a statement, Aviva announced that the transaction would have a "negligible impact" on its IFRS net assets, operating profit and Solvency II capital position.
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Aviva said the transaction is subject to customary closing conditions including regulatory approval.
"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. The group also recently disclosed that it had sold its shareholding in an Italian joint venture to Banco BPM, having also recently wrapped up the sale of parts of its Spanish business.
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The group had previously considered exiting Taiwan in 2010 and 2012, but decided against the move due to opposition from regulators.