Just a day after announcing the sale of its French division, Aviva has confirmed it is to sell its entire 40% shareholding in its joint venture in Turkey, Aviva SA, to Ageas Insurance International for a cash consideration of £122m.
Aviva's joint venture partner, Sabancı Holding, will retain its 40% shareholding. The transaction is expected to increase Aviva's IFRS Net Asset Value and Solvency II surplus by £100m.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021.
The sale follows Aviva's sale of its shareholding in an Italian joint venture in November last year, as the company looks to refocus on its core markets of Britain, Ireland and Canada.