Aviva plc (“Aviva”) today announces that it has agreed to sell its entire 49% shareholding in its joint venture in Taiwan, First Aviva Life (“Aviva Taiwan”) to Aviva’s joint venture partner, First Financial Holding Co. Ltd. (“FFH”).

Following a strategic review of Aviva Taiwan, Aviva concluded that the business is not central to the group’s strategy to focus on markets where it can achieve scale and profitability or have a distinct competitive advantage.

The transaction has a negligible impact1 on Aviva’s IFRS net assets, Solvency II capital position and IFRS operating profit. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2018.

Chris Wei, Executive Chairman of Aviva Asia and Global Chairman of Aviva Digital, said: “We have refocused Aviva’s Asian business on core markets where we have excellent opportunities to grow. With our strong partners and our digital focus, we are intent on disrupting the traditional insurance market.”