Aviva completes sale of Aviva Singapore

RNS Number : 8908G

Aviva PLC

30 November 2020

 

30 November 2020

Aviva completes sale of majority shareholding in Aviva Singapore

Aviva plc ("Aviva") today announces that it has completed the sale of a majority shareholding in Aviva Singapore to a consortium led by Singapore Life Ltd ("Singlife"). The business has been renamed as Aviva Singlife Holdings Pte Ltd ("Aviva Singlife").

Aviva received SGD 2.7 billion of total consideration, which is comprised of SGD 2.0 billion¹ (£1.1 billion²) of cash and marketable securities, SGD 250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife.

As stated in the Q3 announcement, the cash proceeds will be used to support Aviva's debt reduction target.

This is the third transaction Aviva has completed so far this year and follows the recent announcement of the sale of our entire shareholding in Aviva Vita S.p.A., an Italian life insurance joint venture. Aviva continues to work at pace, taking decisive actions on its portfolio to transform the company for the benefit of its shareholders.

The sale of Aviva Singapore was announced on 11 September 2020.

Notes:

1. Comprising SGD 1.7bn of cash, SGD 80m pre completion dividend and a SGD 260m debt capital instrument underwritten by Aviva on market terms with the intention to sell to external investors in due course.

2. Conversion based on 30 September 2020 spot rate or hedged rate where applicable.

-ends-

Enquiries :

Media:

Andrew Reid  [phone]

Sarah Swailes  [phone]

Analysts:

Diane Michelberger  [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.  

· 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.

· For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us  

· The Aviva newsroom at www.aviva.com/newsroom includes links to our image library, research reports and our news release archive. Sign up to get the latest news from Aviva by email.

· You can follow us on Twitter: www.twitter.com/avivaplc/  

· You can follow us on LinkedIn: www.linkedin.com/company/aviva-plc  

· For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva  

· We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.  

 

END

 

 

DISEAXFEDELEFEA