Aviva PLC Aviva to sell entire shareholding in Aviva Vietnam (5182I)
December 14 2020 - 2:30AM
UK Regulatory
TIDMAV.
RNS Number : 5182I
Aviva PLC
14 December 2020
14 December 2020
Aviva to sell entire shareholding in Aviva Vietnam
In line with the announced strategy, Aviva plc ("Aviva") has
agreed to sell the entire shareholding in its wholly-owned life
insurance business in Vietnam, Aviva Vietnam Life Insurance Company
Limited ("Aviva Vietnam"), to Manulife Financial Asia Limited
("Manulife") for an all cash consideration. The transaction is
expected to increase Aviva's IFRS Net Asset Value and Solvency II
surplus by c.GBP0.1 billion.
As part of the transaction, Manulife will enter into a new
distribution agreement with Aviva Vietnam's existing exclusive
bancassurance partner, Vietnam Joint Stock Commercial Bank for
Industry and Trade ("Vietinbank").
The transaction is subject to certain closing conditions,
including regulatory approval, and is expected to complete in the
second half of 2021.
-ends-
Enquiries :
Media:
Andrew Reid +44 (0)7800 694 276
Sarah Swailes +44 (0)7800 694 859
Analysts:
Diane Michelberger +44 (0)20 7662 0911
Notes to editors :
-- For information on how Aviva is helping our people, customers
and communities impacted by COVID-19 visit:
www.aviva.com/covid-19-our-response/
-- We exist to be with people when it really matters, throughout
their lives - to help them make the most of life. We have been
taking care of people for more than 320 years, in line with our
purpose of being 'with you today, for a better tomorrow'.
-- In 2019, we paid GBP33.2 billion in claims and benefits on
behalf of our 33.4 million customers.
-- Aviva is invested in our people, our customers, our
communities and our planet. We were the first international insurer
to go operationally carbon neutral in 2006, we have invested GBP6bn
in low carbon infrastructure since 2015 and we are a member of the
UN Net Zero Asset Owner Alliance.
-- Aviva is a Living Wage and Living Hours employer and provides
market-leading benefits for our people, including flexible working,
paid carers leave and equal parental leave. Find out more at
www.aviva.com/social-purpose
-- We will focus on the UK, Ireland and Canada where we have
leading market positions and significant potential. We will invest
for growth in these markets. Our international businesses in Europe
and Asia will be managed for long-term shareholder value. We will
also transform our performance and improve our efficiency. Our
transformation will be underpinned by managing our balance sheet
prudently, reducing debt and increasing our financial
resilience.
-- Total group assets under management at Aviva group are GBP522
billion (HY20) and our Solvency II capital surplus is GBP11.8
billion (Q320). Our shares are listed on the London Stock Exchange
and we are a member of the FTSE 100 index.
-- For more details on what we do, our business and how we help
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