In line with the announced strategy, Aviva plc (“Aviva”) has agreed to sell the entire shareholding in its wholly-owned life insurance business in Vietnam, Aviva Vietnam Life Insurance Company Limited (“Aviva Vietnam”), to Manulife Financial Asia Limited (“Manulife”) for an all cash consideration. The transaction is expected to increase Aviva’s IFRS Net Asset Value and Solvency II surplus by c.£0.1 billion.
As part of the transaction, Manulife will enter into a new distribution agreement with Aviva Vietnam’s existing exclusive bancassurance partner, Vietnam Joint Stock Commercial Bank for Industry and Trade (“Vietinbank”).
The transaction is subject to certain closing conditions, including regulatory approval, and is expected to complete in the second half of 2021.
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