Aviva sells stake in Singlife, debt instruments to Sumitomo for £0.8bn

UK insurer Aviva on Wednesday said it had agreed to sell its 25.9% stake in Singapore Life Holdings (Singlife), together with two debt instruments, to Sumitomo Life for £800m in cash.

Sumitomo Life will pay £500m for Aviva's equity stake and £300m for the two debt instruments. Sumitomo Life is currently a 23.2% shareholder in Singlife and sees Singapore as a key market within its overall Southeast Asia strategy, Aviva said in a statement.

Reporting by Frank Prenesti for Sharecast.com