Aviva announced it has completed the sale of its 40% shareholding in the Turkish life insurance and pensions joint venture, Aviva SA Emeklilik ve Hayat AS to the Belgian Ageas Insurance International NV which, through this acquisition expand its presence on the Turkish market toward the life insurance segment.

Aviva received GBP 122 million in cash consideration, which includes a GBP 3 million dividend from Aviva SA received in March 2021. The sale of Aviva's shareholding in Aviva SA was first announced on 24 February 2021, when the company also specified that its joint venture partner, Sabanci Holding, will retain its 40% shareholding.

The transaction is expected to increase Aviva's IFRS Net Asset Value and Solvency II surplus by c. GBP 0.1bn.

With total GWP in 2019 of EUR 148 million, Aviva SA Emeklilik ve Hayat ranks 25^th in the overall ranking of the Turkish insurers and 5^th on the life insurance segment, being one of the leading life insurance and private pension providers in Turkey. It offers pension, protection and savings products to over 2 million customers through bancassurance, tied agents and a direct sales force. Founded in 2007, the company is listed on Borsa Istanbul with a market capitalization of TRY 3.4 billion as of 22 February (EUR 401 million). The company's ownership was until now formed from the British Aviva plc (40%), Sabanci Holding (40%) and 20% free float share.

Ageas is a listed international insurance Group with a heritage spanning almost 200 years, offering its retail and business customers both Life and Non-Life insurance products. Ageas concentrates its activities in Europe and Asia, operating insurance businesses in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 45,000 people and reported annual inflows of over EUR 36 billion in 2020 (all figures at 100%).

The Belgian group is already present on the Turkish market and has a history of cooperation with the Sabanci Holding through their partnership established in 2011 in co-owning, with a 36% share each, of the third biggest non-life Turkish insurance company, Aksigorta.