Aviva plc has completed the sale of its 49% shareholding in its joint venture in Taiwan, First Aviva Life (Aviva Taiwan), to Aviva’s joint venture partner, First Financial Holding Co. Ltd.
The insurance giant said in a statement that the sale of Aviva Taiwan, which was announced on 13 October 2017, follows “a review of the business and Aviva’s strategic decision to refocus its Asian business on core markets where it has opportunities to grow”. 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.
Elsewhere, Asia – the largest insurance group in the UK plans to deploy £2bn of excess cash this year and is on the lookout for mergers and acquisitions.