AVIVA has completed the sale of its stake in Singapore Life Holdings, plus two debt instruments, for a combined £937 million (S$1.6 billion), the British insurer said on Monday (Mar 18).
Aviva announced in September that its 25.9 per cent stake and the two debt instruments would be sold to Sumitomo Life. The sale was expected to be completed in the fourth quarter of last year.
Aviva chief executive Amanda Blanc said in September that the transaction would simplify the business and put the company in a strong position to build on its trading momentum in the UK, Ireland and Canada.
The Singlife joint venture contributed £17 million to Aviva’s operating profit in 2022, Aviva has said.
Aviva announced a £300 million share buyback earlier this month, after strong performance in general and health insurance contributed to a 9 per cent rise in 2023 operating profit, sending its shares higher. REUTERS
