AVIVA announced it has decided to leave Indonesia by selling its entire shareholding in its joint venture -- PT Astra AVIVA Life, to AVIVA's joint venture partner, PT ASTRA International Tbk.

The transaction is anticipated to completed in Q4 2020 and subject to certain conditions.

These include regulatory approval in Indonesia and also the completion of Bangkok Bank's deal for PT Bank Permata, AVIVA Indonesia's bancassurance partner.

The shareholders of Bangkok Bank approved the acquisition of Permata Bank on 5 March 2020.