Aviva announces exit from Turkey

RNS Number : 1076Q

Aviva PLC

24 February 2021

 

24 February 2021

Aviva announces exit from Turkey

Aviva plc ("Aviva") has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS ("Aviva SA"), to Ageas Insurance International N.V.  for a cash consideration of £122 million.

Aviva's joint venture partner, Sabancı Holding, will retain its 40% shareholding. The transaction is expected to increase Aviva's IFRS Net Asset Value¹ and Solvency II surplus¹ by c. £0.1bn. 

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021.

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Notes:

1.  Using estimated 31 December 2020 position and GBP/TRY FX spot rate of  1/TRY10.16

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Enquiries :

Media:

Andrew Reid  [phone]

Sarah Swailes  [phone]

Analysts:

Jakub Rosochowski  [phone]

Notes to editors :

· For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/  

· We exist to be with people when it really matters, throughout their lives - to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being 'with you today, for a better tomorrow'.

· In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.  

· Aviva is invested in our people, our customers, our communities and our planet. We are committed to playing our role in tackling the climate crisis. We were the first international insurer to go operationally carbon neutral in 2006 and we are champions of renewable energy and energy storage at our offices. We have invested £6bn in green assets since 2015 and we are a member of the UN Net Zero Asset Owner Alliance. We helped found the World Benchmarking Alliance (WBA) which was launched in 2018.

· Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/social-purpose  

· We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our international businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.

· Total group assets under management at Aviva group are £522 billion (HY20) and our Solvency II capital surplus is £11.8 billion (Q320). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.

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