LONDON: In line with the announced strategy, Aviva plc has agreed to sell the entire shareholding in its wholly-owned life insurance business in Vietnam, Aviva Vietnam Life Insurance Company Limited, to Manulife Financial Asia Limited for an all cash consideration.
The transaction is expected to increase Aviva’s IFRS Net Asset Value and Solvency II surplus by c.£0.1 billion.
As part of the transaction, Manulife will enter into a new distribution agreement with Aviva Vietnam’s existing exclusive bancassurance partner, Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank).
The transaction is subject to certain closing conditions, including regulatory approval, and is expected to complete in the second half of 2021.
Aviva plc is a British multinational insurance company headquartered in London, England. It has about 33 million customers across 16 countries. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider.