Aviva continues to restructure its business and sharpen focus in Asia with the latest sale of its stake in the Hong Kong business.
Aviva’s stake in the Hong Kong business, «Blue», has been sold to Hillhouse Capital according to the asset manager ahead of an investor presentation yesterday.
The move follows announcements yesterday that Aviva would be keeping its Singapore business and China joint venture, after weeks of review led to rumors of a potential sale with a target deal value of $2 billion to $2.5 billion.
Following the Hong Kong sale, Aviva remains in five markets: China, Singapore, India, Indonesia and Vietnam. Aviva said it was already in discussions about the future of its businesses in Vietnam and Indonesia.
Global Targets
After replacing its chief executive with Maurice Tulloch, Aviva set out 3-year targets to satisfy shareholders including a 12 percent return on equity and £300 million ($388 million) in net cost saving by 2022.
During the recent investor presentation, Aviva noted that 2019 operating profits were in line with expectations after around $388-517 million in management actions and that the firm remained committed to its progressive dividend policy.
