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Aviva PLC on Monday said it has completed the disposal of its shareholding in Singapore Life Holdings Pte Ltd, together with two debt instruments, for total proceeds of £937 million. Back in September, the London-based insurance company first announced the sale, indicating that it would sell its quarter ownership of Singapore Life Ltd to fellow shareholder Sumitomo Life Insurance Co for a total of S$1.4 billion, about £800 million. At the time, Aviva said the exit from the joint venture is part of its effort to simplify its business and focus on the UK, Ireland and Canada. Singapore Life Holdings was formed in 2020 from the merger of Singlife and Aviva Singapore. The stake in Singlife contributed £17 million to Aviva operating profit in 2022. This had been £2.21 billion in total. The combined carrying value of the equity stake and debt holdings contributed £729 million to Aviva’s IFRS17 net asset value as of June 30. Shares in Aviva were down 0.1% at 482.00 pence each in London on Monday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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