British insurance giant Aviva has completed the sale of its entire 49% shareholding in Taiwanese joint venture First Aviva Life (Aviva Taiwan) to its partner First Financial Holding (FFH).
The divestiture of Aviva Taiwan was originally announced in October 2017, after a review of the business and Aviva’s strategic decision to refocus its Asian business on core markets where it sees potential of growth.
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In its October 2017 statement, Aviva said: “Following a strategic review of Aviva Taiwan, Aviva concluded that the business is not central to the group’s strategy to focus on markets where it can achieve scale and profitability or have a distinct competitive advantage.”
Aviva Asia executive chairman and Aviva Digital global chairman Chris Wei said: “We have refocused Aviva’s Asian business on core markets where we have excellent opportunities to grow.
Financial terms of the transaction were not revealed.
