Aviva plc (“Aviva”) has agreed the sale of both its general insurance business in Pakistan and its 63.4% stake in Commercial Union Life Assurance Company (Pakistan) Limited (“CULAP”).
Aviva plc (“Aviva”) has agreed the sale of both its general insurance business in Pakistan and its 63.4% stake in Commercial Union Life Assurance Company (Pakistan) Limited (“CULAP”). Switzerland-based Aga Khan Fund for Economic Development SA (“AKFED”) and its affiliate, New Jubilee Insurance Company Limited (“NJI”), will purchase the stake in CULAP while NJI will purchase the general insurance business.
The exit is in line with Aviva’s strategy of withdrawing from markets where it does not have sufficient scale to generate satisfactory returns for Aviva shareholders.
The combined net assets of these businesses were Ł2.6 million at 31 December 2001.
The sale is subject to regulatory approval and is expected to complete in the fourth quarter of 2002.
Enquiries:
Analysts/investors
James Matthews, Head of Investor Relations
+ 44 (0) 20 7662 2137
Media Ian Frater, Head of Group Media Relations
+44 (0) 20 7662 7544
Alex Child-Villiers, Financial Dynamics
+44 (0) 20 7269 7107
Notes to editors:
- Aviva is the largest provider of life and pensions to Europe, the UK’s largest insurance group and has substantial positions in other markets around the world. Aviva is the world’s seventh-largest insurer based on worldwide gross written premiums.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and investment sales from ongoing business of more than Ł28 billion, and over Ł200 billion in assets under management at 31 December 2001.
- Aviva’s news releases are available on the internet at www.aviva.com
- A selection of images are available from the Aviva Newscast site at www.newscast.co.uk