British insurer Aviva has agreed to sell its Asia and Middle East-focused Friends Provident International (FPIL) business for £340 million (US$443m) as part of its plan to leave less profitable markets.
The sale of the loss-making business to International Financial Group, which provides offshore investment, savings and protection products, follows a review of the business and string of asset sales in Spain and France.
FPIL employs around 500 staff worldwide and services in the region of 180,000 policies, Aviva said.
"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." Chris Wei, executive chairman, Aviva Asia and FPIL, said.
The sale will also help Aviva's cash payout capacity, it said, adding that FPIL - acquired through the £5.6 billion takeover of Friends Life in 2015 - made a post-tax loss of £2m last year.
Shares in Aviva were flat in early trading, in line with the broader market.
Isle of Man-based International Finance Group, formed in 2013 to help the management led buyout of RL360 Insurance Company from the Royal London Group, said the deal was part of its plan to become the market leader in offshore savings.
The deal would help it bulk up and give it a combined embedded value - the present value of future profits, plus the value of its assets - of more than £1bn.
The price tag represents a multiple of 3.2 times FPIL's 2016 net asset value and will increase Aviva's Solvency II ratio by around £100m. Aviva's Solvency Ratio - the rainy day cash buffer to any market shock- stood at 189 per cent in 2016, it said it March.
A Solvency Ratio of 100 per cent means that an insurer has set aside enough capital to meet underwriting, investment and operational risks.
As well as the sale of its stake in three Spanish joint ventures for 475 million euros in May, Aviva also sold part of its French business this year and is reviewing its operations in Taiwan. Its main markets include Britain and Canada.
* Reuters
England ODI squad
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
Austrian Grand Prix race timings
Weekend schedule for Austrian Grand Prix - all timings UAE
Friday
Noon-1.30pm First practice
4-5.30pm Second practice
Saturday
1-2pm Final practice
4pm Qualifying
Sunday
4pm Austrian Grand Prix (71 laps)
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
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Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Villains
Queens of the Stone Age
Matador
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
UAE%20medallists%20at%20Asian%20Games%202023
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
