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Aviva sells stake in South Korean life insurance firm

Aviva has sold its 47 per cent stake in South Korean business Woori Aviva Life Insurance to NongHyup Financial Group.

The provider says the deal will have a neutral impact on the group’s net assets and will increase economic capital surplus by £200m as it reduces the firm’s exposure to interest rate and credit risk.

The decision by Aviva to dispose of its interest in the company is the latest part of a global effort to narrow its focus and cut costs by £400m.

Aviva Asia chief executive Khor Hock Seng says: “Aviva has a strong presence in China and South East Asia, which are key future cash generators for the group.

“This deal provides further focus to our Asian businesses, which increased value of new business by 65 per cent in 2013.”

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