Aviva to sell interest in Taiwan JV

Aviva has agreed to sell its entire 49% shareholding in its joint venture in Taiwan, First Aviva Life ('Aviva Taiwan') to its joint venture partner, First Financial Holding Co.

Aviva said that after a strategic review it concluded that the business was not central to the group's strategy to focus on markets where it could achieve scale and profitability or have a distinct competitive advantage.

It said the transaction would have a negligible impact on Aviva's IFRS net assets, solvency II capital position and IFRS operating profit.

It said the transaction was subject to customary closing conditions, including regulatory approval, and was expected to complete in 2018.

Executive chairman of Aviva Asia and global chairman of Aviva Digital, Chris Wei, said: 'We have refocused Aviva's Asian business on core markets where we have excellent opportunities to grow.

'With our strong partners and our digital focus, we are intent on disrupting the traditional insurance market.'