Aviva said to eye sale of Friends Provident

Insurer Aviva is reportedly looking to sell Friends Provident International in a deal that could fetch up to $750m.

The Wall Street Journal cited people familiar with the matter as saying that Aviva has received several pre-emptive offers for the unit, which serves high net worth individuals in Asia and the Middle East, although a formal bidding process hasn't begun.

Chinese conglomerates Fosun Group and HNA Group were said to be among those evaluating the business.

Aviva bought Friends Provident back in April 2015 as part of a £5.6bn deal to acquire Friends Life Group.

Friends Provident provides life assurance and investment products to global expatriate and domestic affluent customers in Hong Kong, Singapore, United Arab Emirates and other selected markets.

At 1105 BST, Aviva shares were up 1.2% to 529.48p.