Yesterday brought the news of Aviva’s latest step in its ongoing strategic refocus and the pace of change guaranteed by Amanda Blanc seems to be picking up. The insurance giant today revealed it has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS (Aviva SA), to Ageas Insurance International N.V. for a cash consideration of £122 million (approx. CA$217.5 million).
Following the insurer’s exit, its joint venture partner, Sabancı Holding, will maintain its 40% shareholding. Aviva noted that the transaction is projected to increase Aviva’s IFRS Net Asset Value and Solvency II surplus by approximately £0.1 billion (approx. CA$0.18 billion).
The deal is subject to customary closing conditions, as well as regulatory approval, and is expected to complete in 2021.
