AVIVA JOINS ASIAN EXPANSION QUEUE

UK-based insurer Aviva has said that it wants to expand in all nine of the Asian markets where it currently operates. Speaking to Dow Jones , Aviva Asia-Pacific chief executive Simon Machell said that “if you look at the big markets, we are there. There’ll probably be one or two to complete our portfolio. ... The challenge is to grow the existing business we’ve got rather than have lots and lots of new market entries”. He added that “if you look at Indonesia, Vietnam and the Philippines perhaps to a slightly lesser extent, they are obvious markets which have got potential”. Pakistan was also a possibility, he said, although he noted that “there’s a political situation there now”. Japan was not “a top priority”, although a good opportunity would not be turned down, Mr Machell said. Aviva’s announcement follows indications from UK-based operations Legal and General, Prudential and RSA that they wanted to expand in Asia. For Aviva the statement is somewhat more sensitive, given its announcement last month that it would be cutting 1,800 jobs in its home UK market. Last year Aviva’s Asia-Pacific market grew by 60%, reaching sales of £4.12bn ($8.12bn), which in turn comprised 8.4% of total global sales.