Aviva sells Asia insurance businesses to Mitsui Sumitomo
Aviva, the UK based insurance company, has entered into an agreement to sell its general insurance operations in Asia to Mitsui Sumitomo Insurance Co (MSI), the second largest general insurer in Japan, for £249 million (US$450 million) in cash. It says this follows a strategic review of its businesses in Asia and a “focus on its long-term savings businesses in the region”.
The transaction will be achieved through share purchase of Aviva’s interests in joint venture operations, business purchase and asset purchase in Singapore, and transfer of Aviva’s general insuranceOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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