Aviva unloads Vietnam unit to Manulife to wrap up global disposals

UK-based insurer  Aviva has completed its exit from Vietnam, selling its full stake to Manulife in line with terms first announced a full year ago and completing a set of previously announced major global disposals.

"This concludes Aviva’s divestment programme in which eight non-core businesses have been sold," management said in its statement. " Aviva is now significantly simpler and completely focused on its strongest businesses in the UK, Ireland and Canada."

The all-cash deal for Aviva Vietnam was first announced in December 2020. Aviva said at the time it expected an increase in its IFRS Net Asset Value and Solvency II surplus by c.£0.1 billion.

The full programme of global disposals was said likely to generate total cash proceeds of £7.5 billion once completed, Aviva had previously indicated.

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