Aviva may sell Asia business

British life and general insurer Aviva is looking to sell its Asia business, valuing the unit at more than USD2 billion, according to a Reuters report.

Aviva is working with a financial adviser on a possible sale, with a formal process likely to begin in the fourth quarter, sources said, with no certainty of a sale, which will depend on the outcome of a review of the Asian business to be completed by the end of this quarter.

Aviva announced a restructuring of its UK operations in June, aiming to save GBP300 million (USD362.82 million) a year in costs.

Aviva’s six Asian businesses – China, Hong Kong, India, Indonesia, Singapore and Vietnam – posted a 26 percent rise in operating profit in 2018 to GBP284 million. Only Singapore and Vietnam are wholly-owned businesses, with Singapore contributing nearly half of the Asia unit’s operating profit.