AVIVA COMPLETES SALE OF SINGAPORE INSURANCE UNIT

Aviva has completed the sale of its majority shareholding in Aviva Singapore. The business was sold to a consortium led by Singapore Life and has been renamed Aviva Singlife Holdings Pte Ltd. Aviva received a total of S$2.7bn from the sale, which comprised of S$2bn of cash and securities and a 26% equity shareholding in Aviva Singlife. The sale is the third transaction Aviva has completed in 2020 as it seeks to sell non-core businesses. Last month the UK insurer agreed the sale of its Italian insurance business, Aviva Vita S.p.A. The cash proceeds of the Singapore sale will be used to reduce debt.