Aviva to sell US unit for £1.1bn
Athene Holdings, owned by PE group Apollo, named as the buyer
By CFOWorld.co.uk staff | CFO UK | Published 11:07, 21 December 12
Insurer Aviva is to sell its US unit for £1.1 billion, it was announced on Friday.
In a statement, the company named Athene Holding, an insurer majority-owned by Private Equity group Apollo, as the buyer of its US assets and operations.
The sale is in line with Aviva’s plans to sell or close businesses which hold-up more capital than their contribution to operating profit. It named 16 such businesses that tied-up over 30 percent of its capital but contributed 18 percent in terms of operating profit.
The turnaround strategy was launched in July after investors forced out chief executive Andrew Moss. Last month, Aviva announced around 120 job cuts related to the streamlining of its claims centre operations.
It said the cuts followed a decision to merge its specialised property claims service line into its existing claims centre operation. Most of the cuts announced were at the insurer’s Sheffield, UK offices where its Asprea property claims management service is based.
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