Aviva, Britain’s biggest life insurer, said it would sell Friends Provident International (FPIL), which provides life assurance and investment products in Asia and the Middle East, to a unit of International Financial Group for 340 million pounds ($443 million).
The sale, which follows a strategic review, will allow Aviva to further reallocate capital to businesses that can bring higher returns and grow its business across Asia, the insurer said.
“Aviva has concluded that the business is not central to the group’s strategy to focus on a small number of markets where it has scale and profitability or a distinct competitive advantage,” it said in a statement on Wednesday.
(Reporting by Noor Zainab Hussain in Bengaluru; editing by Simon Jessop)
Was this article valuable?
Here are more articles you may enjoy.
Models Stripped of Insurance Cover for Club’s Unauthorized Use of Their Images 
New Jersey E-Bike Registration, Insurance Requirements Now in Effect 
OpenAI Models Hacked Another Company’s Systems by Mistake 
Two Years in, Ortiz Steps Down as CEO of Florida Re 
