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Daily Insurance Industry News
Saturday 21st of July 2018
October 1, 2009

Aviva offloads Australian units

by Gill Montia

Story link: Aviva offloads Australian units

Aviva offloads Australian units

Aviva has completed the sale of its Australian life and pensions and wealth management businesses.

Aviva Australia Holdings Ltd has been acquired by National Australia Bank for £452 million.

The sale supports Aviva’s strategy of focusing on the key growth markets in Asia where the group believes it can attain leading positions, compared to a ranking of ninth in the Australian life market and eighth in the country’s wealth management sector.

However, asset management unit, Aviva Investors, has not been included in the sale.

In this area Aviva says it remains committed to the Australian market where it is focused on building its external funds under management.

Its ambitions should be complemented by growth of the country’s pensions market.

 

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