Newspaper article The Evening Standard (London, England)

In Brief

Newspaper article The Evening Standard (London, England)

In Brief

Article excerpt

Mitsui to pay [pounds sterling]249m for Aviva's Asian units

NORWICH Union insurance owner Aviva has agreed to sell its Asian property and casualty insurance unit to Japan's second-largest insurer, Mitsui Sumitomo, for [pounds sterling]249 million in cash as it switches its focus in the region to long-term savings businesses in the region.

The Asian businesses contributed pre-tax operating profit of [pounds sterling]21 million last year, the British firm said, with gross premiums of [pounds sterling]173 million.

The deal must be approved by regulators and shareholders of both companies.

Aviva shares added 3p to 5511/2p.

Mitsui Sumitomo Insurance has been on the prowl for acquisitions across Asia to offset stagnant growth at home where the market is saturated.

Aviva, Britain's largest and the world's fifth-largest insurer, has operations in Hong Kong, Malaysia, Thailand, Singapore, the Philippines and Indonesia.

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