Aviva sells Friends Provident

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 Aviva to further reallocate capital to businesses that can "achieve leading market positions and...