Aug 8, 2019

Aviva explores Asia unit options amid sale speculation

Aviva is reviewing strategic possibilities for its Asian operations amid speculation that the UK-based insurer's new chief executive Maurice Tulloch will sell the business. "Aviva's businesses in Asia have excellent growth and earnings potential and we are considering a range of options to help these businesses reach their potential," Mr Tulloch said on Thursday. Aviva wants to reduce its debt by at least £1.5bn by the end of 2022. Operating profits for the group came in broadly flat at £1.4bn. Profits from general insurance improved by 29 per cent thanks to a recovery in Canada and lower weather-related claims, but life insurance profits were down 8 per cent, with the company blaming tough competition in the UK. Profits from Aviva Investors, the fund management business, slipped 18 per cent as assets under management fell. Euan Munro, chief executive of Aviva Investors, said that the second half had started strongly, with inflows into long-dated fixed-income products.

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