The UK-headquartered insurance company sold its 49% stake to Sun Life Assurance Company for £152m.
Aviva-CIMB was a joint venture between Aviva International and CIG – a firm ultimately owned by CIMB Group Holdings, one of Malaysia’s leading financial groups and owner of CIMB Bank, one of Malaysia’s largest banks.
Discussions to sell the business have been ongoing since last summer and in January it confirmed that Sun Life Assurance had entered into agreement to purchase the business.
The sale of its Malaysia interests is part of a wider strategy announced by the company last year to streamline its operations, moving out of territories where it does not see potential for growth and concentrating more heavily on high growth areas.
