Aviva sells Singapore operation to local rival Singlife

Aviva has sold its Singapore operation to local rival Singlife as new chief executive Amanda Blanc moves quickly to slim down the UK-based insurer's portfolio. Ms Blanc became chief executive of Aviva in July, and last month said that she would focus the business on the UK, Ireland and Canada. On Friday, Aviva said it would sell its Singapore business to local rival Singlife in a deal that values the unit at £1.6bn. The UK insurer will retain a 25 per cent stake in the enlarged business. The company's share price jumped 5 per cent on news of the sale before falling back slightly to end Friday 2.5 per cent higher at 295.98p. Philip Kett, an analyst at Jefferies, said: "In selling Singapore for £1.6bn, Aviva will realise value equivalent to 15 per cent of the market capitalisation for a loss of just 5 per cent of earnings." Which is due to complete in January next year, Aviva will still have a wholly owned business in Vietnam and joint ventures in China and India.

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