British multinational insurance company Aviva is preparing to sell Friends Provident International, a move that will affect units in Hong Kong and Singapore.
Aviva is said to be looking to sell its Friends Provident International (FPI) unit, which manages wealthy clients in Asia and the Middle East, in a deal that could be worth up to $750 million, according to the Wall Street Journal (paywall).
Aviva took on the business in April 2015, as part of a $8.8 billion deal to acquire Friends Life Group, which at the time created the Britain's largest insurance, savings and asset-management institution.
Under Review
In its 2016 financial report, Aviva noted that FPI was under what it termed a strategic review.
Among potential suitors said to be evaluating the unit are the ultra acquisitive pair of Chinese conglomerates Fosun and HNA Group.
Other Asian based firms that would be expected to show an interest will surely include the Japanese insurers such as Dai Ichi, Nippon life and Meiji Yasuda who are all struggling for growth in their domestic market.
Japanese insurers are known to be keen on the insurance arm of ANZ's wealth unit which is also under review.
A Year of Changes
With existing businesses in Singapore, Hong Kong and the Middle East, Germany's Allianz and Canada's Manulife might also be in the hunt for the Aviva subsidiary which could be quickly integrated.
Throughout 2016 numerous changes were made to the management and business development staff in both the Hong Kong and Singapore operations of FPI. The multiple moves came after the departure of the long term Managing Director at FPI Chris Gill in May 2016.
