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.
- 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 Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in Singapore, China and India.
- We help our 18.5 million 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 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2021, we paid £30.2 billion in claims and benefits to our customers.
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- As at 30 June 2022, total Group assets under management at Aviva Group were £353 billion and our Solvency II shareholder capital surplus at 30 September 2022 was £8.8 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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