Aviva expecting another £80m from Singlife sale

Aviva is expecting an additional £80m in proceeds from the sale of its stake in Singapore Life Holdings (Singlife) to Sumitomo Life, it announced on Wednesday.

The company said the supplementary income arose from a separate transaction in which Sumitomo Life was set to acquire TPG's equity stake in Singlife.

With the new development, the total proceeds expected to be received by Aviva now stood at £930m.

Aviva said it intended to assess the disposal proceeds within the context of its existing capital management framework, within which any surplus capital could be earmarked for reinvestment in the company, potential mergers and acquisitions, or as additional returns to shareholders.

The initial announcement of the disposal of Aviva's stake in Singlife, encompassing the sale of two debt instruments, was on 13 September.

Aviva said completion hinged on customary closing conditions, including regulatory approvals, and was expected in the first quarter of 2024.

Reporting by Josh White for Sharecast.com.