AVIVA COMPLETES THE SALE OF A

RNS Number : 0272A

Aviva PLC

01 October 2009

 



1 October 2009

AVIVA COMPLETES THE SALE OF AUSTRALIAN BUSINESSes

Further to its announcement dated 21 June 2009, Aviva plc ('Aviva') has today completed the sale of Aviva Australia Holdings Ltd, its Australian life and pensions business and wealth management platform ('Aviva Australia'), to National Australia Bank ('NAB').  

The proceeds are expected to be A$925 million (£452 million), comprising A$825 million cash consideration received from NAB, A$40 million representing a dividend received from Aviva Australia, and a forecast amount of A$60 million representing a net asset adjustment to be paid post completion.  

The sale supports Aviva's strategy of focusing on the key growth markets in Asia where leading positions can be achieved. Aviva ranks ninth in the Australian life market and its wealth management platform is ranked eighth. The transaction provides greater financial flexibility, allowing Aviva to redeploy capital to other parts of its business to deliver better returns to shareholders.

As previously announced, Aviva Investors' Australian operations were not part of the sale.  As a global asset management business Aviva Investors remains committed to the Australian market where it is focused on building its external funds under management, benefiting from the growth of the pensions market.

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Enquiries:

Media 

Hayley Stimpson, external affairs director            [phone]

Conor McClafferty, Finsbury                                 [phone]

Analysts

Charles Barrows, investor relations director        [phone]

Notes to editors:

• Aviva is the world's fifth largest* insurance group, serving 50 million customers across Europe, North America and Asia Pacific. 

• Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £51.4 billion and funds under management of £381 billion at 31 December 2008.  

• We are the largest insurance services provider in the UK and one of the leading providers of life and pension products in Europe.  

• The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.

• For broadcast-standard video, please visit www.thenewsmarket.com/aviva.  

*based on gross worldwide premiums at 31 December 2008

 

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