Aviva continues portfolio review as it exits Turkish business for GBP122mln

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Aviva PLC (LON:AV.) announced it has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat.

The buyer is Belgian insurer Ageas Insurance International, which is paying GBP122mln in cash.

Aviva’s joint venture partner, Sabanci Holding, will retain its 40% shareholding.

The British insurer said the deal is expected to increase its net asset value and solvency surplus by GBP100mln.

The news comes a day after Aviva sold its French arm to Aema Groupe for EUR3.2bn (GBP2.7bn) in cash as it looks to focus on its strongest activities in the UK, Ireland and Canada.

Last year, the FTSE 100 firm agreed disposals of its businesses in Italy, Singapore, Vietnam, Indonesia and Hong Kong, which allowed it to design a new dividend policy based on a leaner portfolio.

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