Aviva sells Friends Provident for £340m to International Financial Group subsidiary

Ivan Schwartz
July 19, 2017

LONDON-Aviva PLC (AV.LN) is selling Friends Provident International Ltd. (FPIL) to RL360 Holding Co., a subsidiary of International Financial Group Ltd., for up to 340 million pounds ($437.9 million).

Following a strategic review of FPIL, the pension provider concluded the business was not central to its strategy, which sees the group focus on a small number of markets where it has scale and profitability or a distinct competitive advantage. In a statement this morning the company said that it has reached an agreement with the Aviva Group to acquire Friends Provident International Limited.

The deal brings the group's embedded value to over £1bn, assets to £15.9bn and policies to 250,000.

"The acquisition is an important milestone in our history and will create a combined Embedded Value* of over £1bn, leaving no doubt as to IFGL's position as an important, key player in the life industry, as well as the offshore consolidation market".

Friends Provident International has 160,000 customers, typically expat Brits in Hong Kong, Singapore or Dubai.

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Aviva said it sold a unit which sells life insurance and investment products in Asia and the Middle East, where it hadn't been profitable.

Aviva says there will be no change to customers' policies from the deal.

However the 321-year-old group is still expected to invest in other parts of Asia, with Aviva Asia chairman Chris Wei saying the sale is "a good outcome" because the team can now focus on opportunities in insurance and digital.

A Castletown-based insurance company has been sold for around £340m. The group acquired CMI Insurance in 2015 and wealth platform Ardan International past year.

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