June 18 2013 Latest news:
Wednesday, February 27, 2013
Insurance giant Aviva yesterday announced a £30m sale of its Russian business.
The deal with Blagosostoyanie, a non-state pension fund in Russia is another boost to the balance sheet for Aviva ahead of its end of year results next week.
Aviva is carrying out a fire sale of the underperforming parts of the business as part of a strategy to narrow its focus on the best parts of the business, where it enjoys ‘market leadership’ and has already announced a raft of sales including operations in the US, Spain, and Malaysia.
Mark Wilson, chief executive, said: “We are pleased to have agreed the sale of our life and pensions operations in Russia to Blagosostoyanie.
“This transaction builds on the progress we have made to narrow Aviva’s focus.”
Businesses can breath a sigh of relief at the news that dredging operations at Wells will resume today after being suspended for more than two months over a licensing issue.