Fri, 13 Oct 2017 | BUSINESS SALE
UK insurance firm Aviva, which has about 33 million customers globally, is set to sell the Taiwanese branch of its business for a symbolic amount of $1.
According to a statement from Aviva, the decision came after a review of the business which found it did not fit with the group’s aim of focusing on markets where it can achieve scale or have a distinct competitive advantage.
“This was not about financials, it was more a strategic decision,” a spokeswoman for Aviva said.
The company will transfer its 49 per cent interest in a joint venture to local partner First Financial Holding.
This year, the insurer has also sold its stake in three Spanish joint ventures, its Italian joint venture and part of its French business, as it tries to focus on its core markets of Britain and Canada.
Aviva first entered Taiwan in 2007 but considered leaving in 2010 and 2012 when they realised how difficult it was to turn a profit in the country's low-rate environment. They were stopped after opposition from their regulators.
The company have said they will now focus on “markets where it can achieve scale and profitability or have a distinct competitive advantage,” it said in a statement.
Find a business for sale
Subscribe to Business Sale Report
Indicative offers are required by close of business Monday 20th July. Long established business, founded in 1996. Good core, repeat business customers. Bonded warehouse. Established brand name.
Designs, supplies and installs fibre optic and IT cabling solutions for clients throughout the UK and Europe. Offers electrical, structured cabling and network/Wi-Fi solutions, AV equipment and LAN/ethernet, in addition to project management, consult...
LEASEHOLD
Imports an extensive selection of toys and gifts, which are sold to trade customers throughout the UK and internationally. Has established a strong reputation within its sector for its innovative product range, competitive prices and exceptional serv...
FREEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
20
|
|
Jan
|
Aviva cuts jobs as part of merger | MERGER
A merger between Aviva and Friends Life will involve the cut...
|
28
|
|
Jan
|
Sunlight House sold for £34.5m | COMMERCIAL PROPERTY
Sunlight House, a grade ll listed building on Quay Street in...
|
27
|
|
Feb
|
Commercial property investment returns set to increase | COMMERCIAL PROPERTY
Buying commercial property could become an increasingly prof...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources