Turkish life and pensions insurance company AvivaSA Emeklilik ve Hayat, a joint venture of the local conglomerate HACI OMER SABANCI Holding and UK insurance group AVIVA, will list up to 20% of its share capital in an initial public offering (IPO) on Istanbul Stock Exchange. AVIVA currently holds a 49.8% stake in AvivaSA.

"The proposed offering is subject to important conditions, including market conditions and the approval of the shareholders and the Turkish Capital Markets Board, and there can be no assurance as to if or when the proposed offering may be launched or completed or as to the actual size or terms of the offering", AVIVA said in the statement.

AvivaSA is one of the largest providers of life and pensions products in Turkey, with over two million customers. Its distribution network includes a bancassurance agreement with AkBank, one of the largest private banks in Turkey, and a fully-owned direct sales force, the largest in the country. AvivaSA's net asset value was GBP 96.4 million at 30 June 2014.

SABANCI is one of the country's largest business groups in Turkey, with interests in fast-growing sectors such as financial services, energy, cement, retail and industry. SABANCI Holding is listed on the Istanbul Stock Exchange (Borsa Istanbul) and has controlling interests in 10 other listed companies.