Additional proceeds of c.£80m expected from Aviva’s exit of Singlife joint venture

Aviva plc (“Aviva”) today announces that it expects to receive approximately £80m1 (SGD 0.1 billion) of additional proceeds relating to the sale of Aviva’s stake in Singapore Life Holdings Pte Ltd (“Singlife”), together with two debt instruments, to Sumitomo Life Insurance Company (“Sumitomo Life”). The additional proceeds are the result of a separate transaction whereby Sumitomo Life has agreed to purchase TPG’s2 equity stake in Singlife. Receipt of the additional proceeds is conditional upon the completion of the separate transaction between Sumitomo Life and TPG.

The revised total proceeds that Aviva expects to receive are approximately £930m1 (SGD 1.6 billion). The disposal proceeds will be considered alongside Aviva’s existing capital management framework. Under this framework, any surplus capital is available for reinvestment in the business, bolt-on M&A, and/or additional returns to shareholders.

The disposal of Aviva’s stake in Singlife, including the sale of two debt instruments, was announced on 13 September 2023 and remains subject to customary closing conditions, including regulatory approvals, and is expected to complete in Q1 2024.

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Enquiries:

Media:

Andrew Reid
+44 (0)7800 694 276

Sarah Swailes
+44 (0)7800 694 859

Analysts:               

Rupert Taylor Rea
+44 (0)7385 494 440

Michael O'Hara
+44 (0)7837 234 388

References:

1.       Using GBP/SGD spot rate of 1.68 as at 22 December 2023.

2.       The transaction, subject to closing conditions and regulatory approval, is with Abbey Life Holdings Ltd, owned by TPG Inc.

Notes to editors:

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