Nov 18, 2019
Aviva narrows list of potential Asian disposals
Aviva has decided to keep hold of its operations in China and Singapore, narrowing down the range of its potential disposals in Asia to operations in Hong Kong, Vietnam and Indonesia. The Asian operations as a whole made profits of £152m in the first half, about a tenth of the group total. The life insurance operation in the country generated £54m of profits in the first half of the year and pays dividends to group head office in London. Aviva has radically restructured its Hong Kong unit over the past two years, turning it into a joint venture with Tencent and Hillhouse Capital focusing on selling life insurance directly to customers online. The Hong Kong insurance market has traditionally been dominated by advisers but the joint venture, called Blue, believes it can cut costs and win market share by appealing directly to buyers.
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