Aviva finalises disposal of Taiwanese operations to JV partner

Insurance group Aviva has completed the sale of its 49% shareholding in its Taiwanese joint venture, First Aviva Life, to its partner First Financial Holdings.

The sale of Aviva's operations in Taiwan, originally announced on 13 October 2017, was decided upon following a review of the overall business after which the group decided to refocus its Asian business on certain core markets that held significant opportunities for growth.

Chris Wei, executive chairman of Aviva Asia, 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."

Aviva noted the transaction would have a negligible impact on its IFRS assets, Solvency II capital position and IFRS operating profit.

As of 0840 GMT, shares nudged ahead 0.04% to 532.40p.