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Aviva PLC (AV.)

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Thursday 26 April, 2007

Aviva PLC

Taiwan JV - First Financial

Aviva PLC
26 April 2007




News release

26 April 2007

                   AVIVA TO SIGN JOINT VENTURE AGREEMENT WITH

                       FIRST FINANCIAL HOLDING IN TAIWAN


Aviva plc ('Aviva'), the international savings, investments and insurance group,
is to enter an agreement with First Financial Holding Co. Ltd. ('FFHC') to form
a joint venture company in Taiwan, First-Aviva.


Under the terms of the agreement, FFHC will hold 51% of the equity share capital
of First-Aviva, with Aviva holding the remaining 49%.  The initial paid up
capital of the company will be £34 million (NT$2.25 billion).


First-Aviva will manufacture long-term savings and pension products in Taiwan
and distribute them through an exclusive bancassurance agreement with FFHC's
flagship subsidiary, First Commercial Bank.  First Commercial Bank is Taiwan's
second largest bank network, with 187 branches and five million retail
customers.


Philip Scott, executive director of Aviva, said: 'I'm delighted we've reached
this agreement with First Financial Holding.  The combined strength of both
companies will position First-Aviva as one of Taiwan's leading providers of life
insurance and pension products.


'Aviva's entry into Taiwan further extends our leading position in international
bancassurance and we're excited by the potential of the Taiwanese life insurance
market, which is the 4th largest in Asia.  The prospects for future growth in
the pensions market are particularly positive.'


Both parties are intending to sign definitive documentation in Taipei on 27
April, 2007.  The formation of the joint venture company remains subject to
regulatory approval in Taiwan.


                                     -ends-


Enquiries:


Media

Vanessa Rhodes, group media relations manager                +44 (0)20 7662 2482

Sue Winston, head of group media relations                   +44 (0)20 7662 8221

James Murgatroyd/Ed Simpkins, Finsbury                       +44 (0) 207 251 3801


Analysts

Charles Barrows, investor relations director                 +44 (0)20 7662 8115

Jessie Burrows, head of investor relations                   +44 (0)20 7662 2111



Notes to editors:


Aviva


•   Aviva is the leading provider of life and pensions to Europe with 
    substantial positions in other markets around the world, making it the 
    world's fifth largest insurance group based on gross worldwide premiums at 
    31 December 2005.


•   Aviva's principal business activities are long-term savings, fund management 
    and general insurance, with worldwide total sales of £41.5 billion and 
    assets under management of £364 billion at 31 December 2006.


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


First Financial Holding Co.


  • Listed on the Taiwan Stock Exchange, First Financial Holding Co., Ltd. was
    incorporated on 2 January 2003. The company has an asset size of NT$1.6
    trillion (£25.8 billion), more than five million customer base and excellent
    client relationships built over a century

  • Beside its securities and asset management arms, First Financial Holding's
    flagship entity is the First Commercial Bank.


First Commercial Bank

  • Founded in 1899, the First Commercial Bank was one of three
    government-affiliated banks with leadership positions in the areas of SME
    business-banking, home mortgage, mutual-fund distribution, trade finance,
    deposit and lending.


  • The First Commercial Bank currently operates 187 service branches across
    Taiwan.


                     This information is provided by RNS
            The company news service from the London Stock Exchange                                                                              

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