Aviva agrees £152m deal to sell stake in its Malaysian business
PUBLISHED: 10:58 17 January 2013 | UPDATED: 10:58 17 January 2013
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Insurance giant Aviva has today announced a £152m deal to sell its stake in a Malaysian business.
The sale to Sun Life Assurance of Canada, part of the Sun Life group, which still needs to be agreed by the regulator, is the latest move in a sale of assets including businesses in America, Holland and Spain as part of its transformation strategy to narrow its focus on its best performing parts of the business.
Mark Wilson, Chief Executive Officer of Aviva plc, said: “This is a good deal at an attractive valuation. The sale realises a strong return for our shareholders and is a tangible step in our journey towards a more focused, higher performing organisation. Together with the recent disposal of our remaining stake in Delta Lloyd, this has been a satisfactory start to the year.”