UK insurer Aviva has said that it is planning to scale down its continental European and Asian businesses in a bid to focus on its core markets Ireland, Canada, and the UK.
The company is still in the early stages of considering options and there is currently ‘no set time frame’ for any sales, Aviva CEO Amanda Blanc said in an interview according to a Bloomberg report.
According to the report, the insurer is also reviewing joint ventures in India, China and Turkey.
Aviva recently offloaded Aviva Singapore and Italian business Aviva Vita as part of its plans to trim down its insurance portfolio.
Meanwhile, Aviva said it total 2020 dividend that is a third less than before the coronavirus outbreak.
It intends to pay 21 pence for the full year and to increase it by the low to mid-single digits.
Aviva decided to postpone its 2019 final dividend payment due to the challenges presented by the coronavirus outbreak, bringing its total dividend for last year to 15.5 pence, down from 30 pence paid the year before.
Earlier this week, it agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita, to its partner UBI Banca for €400m.
In September this year, Aviva agreed to sell a majority stake in Aviva Singapore to a consortium led by Singapore Life (Singlife) for £1.6bn.
It was reported recently that a consortium of German insurer Allianz and life insurer Athora is in advanced talks to buy the UK insurer Aviva’s French operations.