Aviva sells Taiwan branch for $1

Aviva sells Taiwan branch for $1

United Kingdom insurer Aviva PLC (AV.LN) said Friday that it has agreed to sell its entire 49% stake in its joint venture in Taiwan, First Aviva Life, to its partner First Financial Holding Co.

Though Aviva declined to put a price tag on the sale, Annie Lee, head of investor relations at Taiwan's First Financial, said Aviva sold its share in the joint venture, First Aviva Life, for a token $1, Reuters reported.

The decision came after a review of the business found it did not fit with the group's aim of focusing on markets where it can achieve scale or have a distinct competitive advantage, Aviva said in a statement.

"We have refocused Aviva's Asian business on core markets where we have excellent opportunities to grow", said Chris Wei, executive chairman of Aviva Asia and global chairman of Aviva Digital.

The sale of the Taiwan business will have a negligible impact on Aviva's capital position and operating profit, the insurer said. "With our strong partners and our digital focus, we are intent on disrupting the traditional insurance market".

The transaction remains subject to regulatory approval and is expected to be completed in 2018.

The group had previously considered exiting Taiwan in 2010 and 2012, but decided against the move due to opposition from regulators.