Aviva is said to be eyeing global expansion after getting rid of underperforming activities.
French newspaper Les Echos (The Echoes) reported that the British insurer has been sorting its business portfolio internationally, with Maurice Tulloch, CEO International Insurance at Aviva, saying that the objective is to grow the firm’s operations outside the UK.
According to the report, Aviva is not planning any major new divestiture following the sale in Spain of its subsidiary Aviva Vida y Pensiones and that of its shareholdings in joint ventures Unicorp Vida and Caja España Vida. In fact, the insurer said it is open to acquisitions in Ireland, Poland, Turkey, and France.
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Aviva cited the purchase of Royal Bank of Canada property and casualty insurance as a good example of its acquisition success. It said the operation allowed Aviva to increase its turnover by 20% in a market where the insurer is reportedly number two.
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