Aviva has concluded the sale of a majority shareholding in Aviva Singapore to a consortium led by Singapore Life (Singlife).

The insurer received a total consideration of S$2.7bn for the transaction. This includes S$2b (£1.1 bn) in cash and marketable securities, S$250m in vendor finance notes and a 26% equity shareholding in the new group.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Aviva said it will use the proceeds from the sale to support its debt reduction target.

Following the stake sale, the name of Aviva’s Singapore unit has been changed to Aviva Singlife.

The companies will continue to operate separately until the scheme of transfer of the Singlife business to Aviva Singapore is approved by the Singapore courts and is completed.

The £1.6bn deal was first announced by the insurer in September this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

At the time, Aviva Group CEO Amanda Blanc said: “The sale of Aviva Singapore is a significant first step in our new strategy to bring greater focus to Aviva’s portfolio.

“The proceeds from the sale will further strengthen our financial position and enhance our ability to meet our strategic objectives.”

Aviva has been selling off its international business in a bid to minimise its debt size and to focus on its core markets in Ireland, Canada, and the UK.

Last week, the insurer 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.

Earlier this month, Aviva offloaded its Italian business Aviva Vita to its partner UBI Banca for €400m as part of its plans to trim down its insurance portfolio.

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.