U.K. insurer Aviva PLC (AV.LN) said Friday that it has agreed to sell its entire 49% stake in its joint venture in Taiwan, First Aviva Life, to its partner First Financial Holding Co. (2892.TW) for an undisclosed price.
Aviva said that the business isn't central to its strategy. Chris Wei, executive chairman of Aviva Asia and global chairman of Aviva Digital, added that the company has refocused its Asian business on core markets where it has opportunities to grow.
The insurer also said that the transaction, which is expected to be completed in 2018, has a negligible impact on its net assets, solvency II capital position--a key metric of financial stability for insurers--and operating profit.
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(END) Dow Jones Newswires
October 13, 2017 02:33 ET (06:33 GMT)