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Aviva continues portfolio review as it exits Turkish business for £122mln

Aviva PLC (LON:AV.) announced it has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat.

The buyer is Belgian insurer Ageas Insurance International, which is paying £122mln in cash.

Aviva’s joint venture partner, Sabancı Holding, will retain its 40% shareholding.

The British insurer said the deal is expected to increase its net asset value and solvency surplus by £100mln.

The news comes a day after Aviva sold its French arm to Aéma Groupe for €3.2bn (£2.7bn) in cash as it looks to focus on its strongest activities in the UK, Ireland and Canada.

Last year, the FTSE 100 firm agreed disposals of its businesses in Italy, Singapore, Vietnam, Indonesia and Hong Kong, which allowed it to design a new dividend policy based on a leaner portfolio.

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