Aviva announces exit from Turkey
Aviva plc (“Aviva”) has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS (“Aviva SA”), to Ageas Insurance International N.V. for a cash consideration of £122 million.
Aviva’s joint venture partner, Sabancı Holding, will retain its 40% shareholding. The transaction is expected to increase Aviva’s IFRS Net Asset Value* and Solvency II surplus* by c. £0.1bn.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021.
* Using estimated 31 December 2020 position and GBP/TRY FX spot rate of £1/TRY10.16
Authored by Aviva
About Aviva
Aviva Insurance Limited is one of the UK’s leading insurance companies, part of the Aviva group with 34 million customers Worldwide. Aviva Insurance has been in the insurance business for more than 300 years.
In UK commercial, the insurance market remains challenging for insurance brokers and customers, due to the ongoing economic conditions. Aviva Insurance are focusing on improving our processes to ensure Aviva provide commercial customers with insurance cover at an acceptable price. Insurance brokers also recognised our excellent customer service by voting us Insurance Times General Insurer of the Year in 2012, for the second year running. youTalk-insurance sharing Aviva insurance news and video.