Search

Aviva sells Asian stake

PUBLISHED: 10:59 15 April 2014 | UPDATED: 12:20 15 April 2014

Aviva is to sell its stake in a South Korean business.

Aviva is to sell its stake in a South Korean business.

Norwich-based insurer Aviva has boosted its capital surplus by £200m after selling its entire stake in a South Korean business.

The EDP Top100 company has sold its 47pc share in Woori Aviva Life Insurance to the NongHyup Financial Group (NHFG) – with Woori Financial Holdings Company also selling its stake to NHFG as part of the deal.

The insurer said the move was consistent with its strategy to focus on markets where it had a competitive advantage.

Khor Hock Seng, chief executive of Aviva Asia, said: “Aviva has a strong presence in China and South East Asia, which are key future cash generators for the group. This deal provides further focus to our Asian businesses, which increased value of new business by 65pc in 2013.”

Search hundreds of local jobs at Jobs24

comments powered by Disqus
Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to receive our regular email newsletter

Insight

One of Lowestoft’s biggest employers has converted spare work space into a badminton court so staff can play their favourite sport at lunchtime.

Firms which breach data protection rules are getting off lightly and could soon face multimillion pound fines, according to a Norfolk cyber security expert.

Green 100

cover

Enjoy the Green 100
digital edition

Read
0

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented