UK-based Aviva has reached an agreement to divest its total 47% shareholding in its South Korean business Woori Aviva Life Insurance (WALI) to NongHyup Financial Group (NHFG), for an undisclosed sum.

Owned by Woori Financial Holdings Company, WALI has also agreed to dispose of its stake to NHFG as part of this transaction.

Aviva said that the transaction is consistent with its plan to concentrate on markets where it has scale or a sustainable competitive advantage to maximize return on capital.

The transaction will have a neutral impact on the Group’s IFRS net assets and will increase economic capital surplus by £0.2bn, recognizing the reduced exposure to interest rate and credit risk.

Aviva Asia chief executive Khor Hock Seng said, "Aviva has a strong presence in China and South East Asia, which are key future cash generators for the group. This deal provides further focus to our Asian businesses, which increased value of new business by 65% in 2013."

Formed in 2008 by Aviva and Woori Finance Holdings Company, Woori Aviva Life Insurance distributes life insurance products through Woori Financial Holdings distribution network of over 1,300 branches.

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