24 February 2021
Aviva announces exit from Turkey
Aviva plc ("Aviva") has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS ("Aviva SA"), to Ageas Insurance International N.V. for a cash consideration of £122 million.
Aviva's joint venture partner, Sabancı Holding, will retain its 40% shareholding. The transaction is expected to increase Aviva's IFRS Net Asset Value1 and Solvency II surplus1 by c. £0.1bn.
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021.
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Notes:
1. Using estimated 31 December 2020 position and GBP/TRY FX spot rate of £1/TRY10.16
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Media:
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