Aviva to exit Taiwan
Source: Asia Insurance Review | Nov 2017
Aviva plc has agreed to sell its entire 49% shareholding in its joint venture in Taiwan, First Aviva Life (Aviva Taiwan) to Aviva’s joint venture partner, First Financial Holding Co Ltd.
Following a strategic review of Aviva Taiwan, Aviva concluded that the business is not central to the group’s strategy to focus on markets where it can achieve scale and profitability or have a distinct competitive advantage.
In a press statement, Aviva said the transaction has negligible impact on Aviva’s IFRS net assets, Solvency II capital position and IFRS operating profit. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2018. A