Strategy & Practice Management

Aviva sells Friends Provident International to RL360

Aviva has announced the sale of Friends Provident International Limited (FPIL) to RL360 for a total consideration of GBP340 million.

This follows a strategic review of FPIL, after which Aviva 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. 

“It allows us to focus on the significant opportunities we have to grow Aviva’s business across Asia through digital and disrupting the traditional insurance industry,” said Chris Wei, executive chairman, Aviva Asia & FPIL.

In 2016, FPIL made a post-tax loss of GBP2 million and did not remit any cash to Aviva Group.

Aviva said that FPIL will continue to serve customers, partners and intermediaries as usual, with no change to customers’ policies as a result of the announcement.