Aviva plc (“Aviva”) has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS (“Aviva SA”), to Ageas Insurance International N.V. for a cash consideration of £122 million.
Aviva’s joint venture partner, Sabancı Holding, will retain its 40% shareholding. The transaction is expected to increase Aviva’s IFRS Net Asset Value1 and Solvency II surplus1 by c. £0.1bn.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021.
Notes:
- Using estimated 31 December 2020 position and GBP/TRY FX spot rate of £1/TRY10.16
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Notes to editors:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 25.2m customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2024, we paid £29.3 billion in claims and benefits to our customers.
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/about-us/our-people/
- As at 30 June 2025, total Group assets under management at Aviva Group were £419 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2025 was £7.0 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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