After France, Aviva sell its joint venture also in Turkey for GBP 122 million

26 February 2021 — Alexandra GUZUN
After the announcement of approving the sale of its French business, Aviva plc ("Aviva") will sell its entire 40% shareholding in its joint venture in Turkey to Ageas Insurance International N.V. for an amount of GBP 122 million.

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.

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