UK insurer Aviva to exit Hong Kong in Asia overhaul

UK insurer Aviva to exit Hong Kong in Asia overhaul

Aviva Investors France
File photo of Aviva logo. (Photo: AFP/Ben Stansall)

LONDON: British insurance firm Aviva on Wednesday (Nov 20) announced a major overhaul that could see it leave several countries in Asia.

Aviva, whose chief executive Maurice Tulloch launched a strategic review to slash costs, said in a statement that it will exit Hong Kong - and explore options over divisions in Vietnam and Indonesia.

However, the London-listed company added that it will retain businesses in China and Singapore.

"Today, we are presenting our strategy to simplify Aviva into a leading international savings, retirement and insurance business delivering for our customers, shareholders and communities," Aviva said in a statement.

"These actions will drive higher returns for our shareholders. At the same time, we remain committed to our progressive dividend policy, our deleveraging plan and maintaining the financial strength of the group."

Aviva had already said in June that it planned to cut 1,800 jobs over the next three years, out of a global workforce of 30,000, as part of a restructuring spearheaded by Tulloch.

Wednesday's news sent Aviva's share price sliding 4.21 per cent to stand at 400.70 pence in late morning deals on London's falling FTSE 100 index.