Aviva To Sell Entire Stake In Aviva Vietnam To Manulife Financial Asia - Quick Facts

(RTTNews) - Aviva plc (AV.L, AV) said Monday it has agreed to sell the entire shareholding in its wholly-owned life insurance business in Vietnam, Aviva Vietnam Life Insurance Company Limited, to Manulife Financial Asia Limited for an all-cash consideration. The sale is in line with the company's announced strategy.

The company expects the transaction to increase its IFRS Net Asset Value and Solvency II surplus by about 0.1 billion pounds.

As part of the transaction, Manulife will enter into a new distribution agreement with Aviva Vietnam's existing exclusive bancassurance partner, Vietnam Joint Stock Commercial Bank for Industry and Trade, or Vietinbank.

The company expects the transaction to be completed in the second half of 2021.