Aviva will retain its Chinese joint venture and Singapore unit while continuing to explore options for other businesses in Asia.
Following a «thorough review» of its options in Singapore, including a possible sale, Aviva will retain the unit, it said in a statement. The same will be done for its Chinese joint venture due to «high growth prospects» in the mainland market. The two units reportedly delivered «double-digit operating profit growth in 2018» and are expected to pay dividends to the group in 2019.
Rumors emerged in September of a possible sale of Aviva’s Singapore and Vietnam business which attracted bidders like Japan’s MS&AD Canada’s Manulife. Aviva was reportedly seeking a deal valued at $2 billion to $2.5 billion.
The asset manager will continue to explore «strategic» options for its Vietnam business as well as operations in Hong Kong and Indonesia.