Aviva Sells Singlife Stake, Debt Instruments For $999.5 million
By Elena Vardon
Aviva is selling its 25.9% stake in Singapore Life Holdings and two debt instruments to Sumitomo Life Insurance Company for around 800 million pounds ($999.5 million).
The British insurer and asset manager on Wednesday said that the buyer, who is a 23.2% shareholder in Singlife, will pay GBP500 million for the stake and GBP300 million for the debt instruments.
"The transaction further simplifies the business and we are in a very strong position to build on our trading momentum in the U.K., Ireland and Canada," Aviva's Chief Executive Amanda Blanc said.
The deal, which marks Aviva's exit from the joint venture, is expected to complete in the fourth quarter subject to customary closing conditions, it said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
September 13, 2023 02:30 ET (06:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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