Aviva to sell Turkish general insurance business
PUBLISHED: 14:59 25 March 2014 | UPDATED: 14:59 25 March 2014
Aviva is to sell its Turkish general insurance business to a private equity consortium led by EMF Capital Partners. This move is part of Aviva’s wider strategy to narrow the group’s focus on businesses where it has a leadership position and can generate attractive returns and follows similar sales of businesses in Spain, Malaysia and the USA.
However Aviva said its life and pensions business in Turkey, AvivaSA, is unaffected.
The sale is subject to relevant regulatory approval and is expected to complete in the first half of 2014.