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Aviva struggles to sell her arm in Singapore for 1.6 billion pounds as new boss Amanda Blanc struggles to change the company
Aviva is selling its Singapore division for 1.6 billion pounds as new boss Amanda Blanc struggles to change the company.
The insurance group will be bought by a consortium led by Singapore Life, and private equity firm TPG will become its largest shareholder.
Blanc, 53, has been trying to refocus Aviva on more profitable divisions like Great Britain, Ireland and Canada since he took office in July.
Liquidation: the insurance group will be bought by a consortium led by Singapore Life
She said: “The sale of Aviva Singapore is an important first step in our new strategy to focus more of the Aviva portfolio.”
The sale of the Singapore business was abandoned by his predecessor, Maurice Tulloch, amid speculation that he might not be able to secure a good enough price for it.
Analysts predict that Aviva will continue to sell other companies in Turkey, China, Italy and Poland.
Barrie Cornes, an analyst at Panmure Gordon, said: ‘Top grade for Amanda Blanc, this is a good deal.
“We believe their strategy is to keep pace and we believe that countries like Europe and Asia will be eliminated. So this is a first step in concentrating the business in its much more profitable areas ”.
