Aviva Sells Stake In Singapore Insurance Biz For $1.97B

Law360 (September 11, 2020, 8:25 PM EDT) -- British insurer Aviva PLC said Friday it's selling a majority stake in its Singapore business to an investor group for 2.7 billion Singapore dollars ($1.97 billion) as part of its plan to boost cash and cut down debt.

The buyer group is led by life insurance company Singapore Life Pte. Ltd., which will combine with Aviva Singapore to form a new business called Aviva Singlife, the announcement said. Aviva's statement said the resulting insurance business would have a strong position in the Singapore market.

"The combination brings together Aviva Singapore's scale and leading franchise with Singlife's innovative and digitally focused capabilities,"...

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