Aviva announced this morning that it had completed the sale of its debt and equity holdings in Singapore Life for £937m, above previous expectations.
The FTSE 100 insurer said in a statement to the market that it had finalised the sale of its 25.9 per cent stake in Singapore Life as well as two debt instruments.
The disposal of Aviva’s holdings in Singapore Life to Sumitomo Life was first announced on 13 September 2023. It was initially thought to be worth £800m but was revised higher in December.
The sale is part of Aviva’s continued attempt to streamline its global operations and focus on its core markets, the UK, Ireland, and Canada.
Aviva said the sale was “consistent with the group’s ambition to focus on its capital-light business units.”
In 2022, Singapore Life contributed £17m to Aviva’s operating profit.
The announcement came shortly after Aviva revealed that it had performed ahead of expectations in 2023, notching an operating profit of £1.5bn, up nine per cent from 2022.
General insurance premiums rose 13 per cent to £10.89bn, driven by strong performances in Canada and the UK.
“Our position as the UK’s leading diversified insurer, with major businesses in Canada and Ireland, is clearly delivering,” chief executive Amanda Blanc said.
The firm announced a £300m share buyback following the results.
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