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24 Feb 2021 | 07:42

Aviva to exit Turkey as it sells stake in joint venture

(Sharecast News) - Aviva has agreed to sell its entire 40% shareholding in its joint venture in Turkey, Aviva SA, it announced on Wednesday, to Ageas Insurance International for £122m cash. The FTSE 100 insurer said its joint venture partner Sabancı Holding would retain its 40% shareholding.

It said the transaction was expected to increase its IFRS net asset value and Solvency II surplus by around £0.1bn.

"The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021," the board said in its statement.

At 0920 GMT, shares in Aviva were down 0.32% at 373.5p.
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