British insurer Aviva has agreed to sell its Asia and Middle East-focused Friends Provident International business for 340 million pounds as part of its plan to leave less profitable markets.
The sale of the loss-making business to International Financial Group, which provides offshore investment, savings and protection products, follows a review of the business and string of asset sales in Spain and France. FPIL employs around 500 staff worldwide and services in the region of 180,000 policies, Aviva said. “It allows us to focus on the significant opportunities we have to grow Aviva’s business across Asia through digital and disrupting the traditional insurance industry.” Chris Wei, executive chairman, Aviva Asia and FPIL, said.
Published in Daily Times, July 20th , 2017.