Aviva has sold Friends Provident International Limited to a subsidiary of International Financial Group Limited for £340m.
Aviva has concluded "that the business is not central to the group's strategy to focus on a small number of markets where it has scale and profitability or a distinct competitive advantage." FP will continue to serve customers, partners and intermediaries as usual and there is no change to customers' policies as a result of today's announcement, Aviva said. The transaction is subject to customary regulatory approvals and is expected to complete in early 2018. The sale of FPIL will allow...
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