Aviva sells Asian stake
10:59 15 April 2014
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.”