Aviva has agreed to sell its entire shareholding in its joint venture in Indonesia, PT Astra Aviva Life, to its partner, PT Astra International.
The news comes just four months after confirming it was looking to sell off several of its Asian life insurance operations.
The transaction is expected to complete in Q4 2020 and is subject to regulatory approval in Indonesia.
The deal is also subject to the completion of Bangkok Bank’s acquisition of PT Bank Permata (Permata Bank), Aviva Indonesia’s bancassurance partner.
The financial terms of the deal were not disclosed.
Santander deal
In other news, Aviva has renewed a long-term UK-based life insurance deal with Santander.
The firms have agreed to continue their partnership to provide life insurance to UK-based customers until December 2026.
It covers family and lifestyle protection and over 50s life insurance, which will be sold by Santander through its UK branch network, online and over the telephone.
Aviva and Santander’s existing partnership was established in 2011.
