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Aviva Retains Chinese JV and Singapore Business

Aviva Retains Chinese JV and Singapore Business

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.