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Indonesia: Aviva to pull out of JV

Source: Asia Insurance Review | Apr 2020

Aviva will pull out completely from Indonesia by selling its entire stake in joint venture Astra Aviva Life to its partner in the operation, according to a report by Reuters.
While the transaction is expected to complete in Q4 2020 and is subject to certain closing conditions, there is no word on how much the sale will raise.
According to the insurer, regulatory approval will be needed in Indonesia and the completion of Bangkok Bank’s acquisition of Permata Bank, Aviva Indonesia’s bancassurance partner. The shareholders of Bangkok Bank had approved the acquisition of Permata Bank on 5 March 2020. A 
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