Aviva had earlier tried to exit from the Taiwan venture back in 2010 and 2012 but could not due to opposition from regulators
Taiwan News
Date: 2017/10/15
By Juvina Lai, Taiwan News, Staff Writer
TAIPEI (Taiwan News)– After the financial crisis, British insurance
(By Wikimedia Commons)
company Aviva claimed Taiwan has been relatively less profitable and therefore it decided to sell its 49 percent stake in a joint venture with Taiwan’s First Financial Holding.
Although the group itself refused to give any insight on the price it sold its stake for, the head of investor relations at its Taiwanese partner First Financial Holdings, Annie Lee, said Aviva sold its share in the venture First Aviva Life for just US$1 (NT$30.06).
The sale will allow Aviva to withdraw the capital from the joint venture and eventually withdraw from the Taiwan market in a decision made following low returns post financial crisis, as Lee told Reuters. [FULL STORY]
