Aviva sells Singlife joint venture stake for $1.2 billion

By Elizabeth Howcroft

LONDON (Reuters) -Aviva has completed the sale of its stake in Singapore Life Holdings, plus two debt instruments, for a combined 937 million pounds ($1.19 billion), the British insurer said in a statement on Monday.

Aviva announced in September that its 25.9% stake and the two debt instruments would be sold to Sumitomo Life. The sale was expected to be completed in the fourth quarter of last year.

Aviva Chief Executive Amanda Blanc said in September that the transaction would simplify the business and put the company in a strong position to build on its trading momentum in the UK, Ireland and Canada.

The Singlife joint venture contributed 17 million pounds to Aviva's operating profit in 2022, Aviva has said.

Aviva announced a 300 million pound share buyback earlier this month, after strong performance in general and health insurance contributed to a 9% rise in 2023 operating profit, sending its shares higher.

($1 = 0.7853 pounds)

(Reporting by Elizabeth Howcroft; Editing by Kirsten Donovan)