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Aviva leaves Russia after £30m deal

18:46 27 February 2013

Mark Wilson has been appointed the chief executive of Aviva

Mark Wilson has been appointed the chief executive of Aviva

Archant

Insurance giant Aviva yesterday announced a £30m sale of its Russian business.

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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.”

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4 comments

  • 'fools' are people who continue to do something that is not working - so its nice to see that the current management are doing something to improve the share price.

    Report this comment

    malmocanary

    Thursday, February 28, 2013

  • So "malmocanary", making 800 People Redundant is a good deal for the Company is it ? You were not one of them, so that is OK then ?

    Report this comment

    turnover

    Thursday, February 28, 2013

  • how did we move from an article about pulling out of russia to making 800 people redundant? and I guess the answer to your question is 'yes' it is a good deal for the company - otherwise they would not be doing it! I know all about redundancy thanks - thats why im a malmo canary and not a norwichone! it does not mean I think its a good deal for the employees or that I think its OK

    Report this comment

    malmocanary

    Thursday, February 28, 2013

  • And how much did the fools waste on "getting into" Russia in the first place? No wonder the share price is a long-standing joke.

    Report this comment

    Mr Cameron Isaliar

    Wednesday, February 27, 2013

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