INSURANCE | Staff Reporter, Vietnam

Aviva to sell Vietnam unit to Manulife

Manulife has also agreed to a bancassurance partnership with VietinBank.

British insurer Aviva is set to sell its Vietnamese business to Manulife as the former moves to exit from non-core markets, reports Reuters.

Aviva, under new boss Amanda Blanc, is looking to sell its businesses in continental Europe and Asia after years of share price underperformance irked investors.

Meanwhile, Manulife said in a separate statement it had also agreed a 16-year bancassurance partnership with VietinBank, as part of the Aviva deal, giving the Canadian insurer a major boost in Vietnam.

The two insurers did not give financial details for the Vietnamese transactions, but Aviva said the deal would increase its net asset value and Solvency II surplus by around $133.67m.

Manulife said it expected the partnership with VietinBank to be accretive to diluted core earnings per common share in 2022.

Here’s more from Reuters.

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