Aviva to sell Vietnamese business to ManuLife

UK-based insurer Aviva has agreed to sell the entire shareholding in its wholly-owned life insurance business in Vietnam, Aviva Vietnam, to Toronto-based Manulife for an all cash consideration. Financial details were not disclosed but according to Aviva the transaction is expected to increase its IFRS Net Asset Value and Solvency II surplus by c.£0.1 billion.

As part of the transaction, Manulife will enter into a new distribution agreement with Aviva Vietnam’s bancassurance partner, Vietinbank.

The transaction is subject to certain closing conditions, including regulatory approval, and is expected to complete in the second half of 2021.