AVIVA COMPLETES AUSTRALIAN BUSINESS SALE

UK-based insurer and assurer Aviva has completed the sale of Aviva Australia Holdings to National Australia Bank (NAB). Aviva has received AUD825m ($727m) in cash, plus AUD40m representing a dividend received from Aviva Australia, and AUD60m "representing a net asset adjustment to be paid post-completion". Aviva said that the sale was undertaken to permit it to redeploy capital to other parts of the business where better returns can be generated for shareholders. Although Aviva ranked ninth in the Australian life market and eighth in wealth management, this was not considered high enough to retain the company's commitment. It said that it would be focusing on the key growth markets in Asia "where leading positions can be achieved". Aviva Investors' Australian business was not part of the sale.