The UK-headquartered insurance group, which has been busy realigning its operations, has completed the sale of its entire stake in the joint venture to Hillhouse Capital. Financial details of the divestment were not disclosed.
Meanwhile the HK business now trades as Blue Insurance Limited.
“Aviva continues to work at pace, taking decisive actions to focus the portfolio and transform the company,” said the insurer in a brief statement. It was noted that this is the fourth transaction to be finalized this year.
Recently, Aviva Singapore was renamed as Aviva Singlife following the completion of the group’s offloading of a majority shareholding to a consortium led by Singapore Life Limited.
Chief executive Amanda Blanc stated in November: “As we simplify Aviva’s portfolio, we will deliver further value to shareholders by returning excess capital above 180% solvency cover ratio, once our debt leverage target ratio has been reached.”
