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Aviva sells off Australia arm
INSURANCE giant Aviva today said it had agreed to sell its Australian life and wealth management businesses in a deal worth around £450 million.
The agreement with National Australia Bank comes after Aviva decided it was unlikely to secure a leading position in Australia in the foreseeable future.
Aviva currently ranks ninth in the Australian life market while its wealth management platform is placed eighth.
Chief executive Andrew Moss said the sale was in line with Aviva's strategy of focusing on key markets in Asia where leading positions can be achieved, such as China and India.
He added: "It gives us greater flexibility and we can redeploy the capital to other markets which we believe will deliver better returns."
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