Meanwhile, the joint venture partner, Sabanci Holding, will retain its 40% shareholding.
The transaction will be cash and is expected to increase Aviva's IFRS Net Asset Value1 and Solvency II surplus1 by c. GBP 0.1 billion. Now, it is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021.
Total group assets under management at Aviva group are GBP 522 billion (HY20) and Solvency II capital surplus is GBP 11.8 billion for Q320.
AvivaSA Emeklilik ve Hayat AS ("Aviva SA"), the fifth largest life insurer and a leading private pension in Turkey, was established in 2007. Last year, AvivaSA has reported a solid profitable growth of about EUR 40 million, up to 36% compared to 2019, with a total Gross Written Premiums (Life and PA) of EUR 145 million for 2020.