British insurer Aviva is to sell its Vietnamese business to Canadian insurer ManuLife it said on Monday. It plans to pull out from its non-core markets amid COVID losses.
Under new boss Amanda Blanc, Aviva is looking to sell its businesses in continental Europe and Asia, to focus on Canada, Ireland, and Britain.
Years of share price underperformance in life and general insurer have irked investors.
Aviva did not give a price for the Vietnamese life insurance business’s cash sale, but said the deal would increase its net asset value and Solvency II surplus by around 100 million pounds.
ManuLife said in a separate statement it had agreed on a 16-year bancassurance partnership with VietinBank and was buying Aviva Vietnam as part of the deal.
Aviva sold a majority holding in its Singapore business in September and last week completed the sale of its Hong Kong joint venture.
In Europe, French mutual insurer Macif is stepping up efforts to buy Aviva France, Reuters reported last week.
Aviva is also looking to sell businesses in Poland and Italy, and joint ventures in India, China, and Turkey.
It sold its stake in Italian life insurer Aviva Vita to joint venture partner UBI Banca last month.