Nov 20, 2019

Aviva to overhaul structure and sell off Hong Kong business

Aviva has announced plans to shake up its structure and sell off its Hong Kong business as chief executive Maurice Tulloch seeks to revive investor interest in the insurance group. Aviva has been under pressure to define its strategy better and turn round its share price, which has fallen by a fifth over the past five years. Aviva has revealed a new structure for its business, which will in future be split into five units: investment, savings and retirement; UK life insurance; general insurance; European life insurance and Asian life insurance. The company on Wednesday added that it would sell its Hong Kong business, called Blue, to its partner Hillhouse Capital. The operation has been radically restructured over the past two years, and is now planning to win market share by selling life insurance directly online to customers, bypassing the agents that dominate the local market.

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