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Aviva PLC (AV.)

Aviva PLC

Aviva Completes the Sale of FPIL
RNS Number : 1496T
Aviva PLC
16 July 2020
 

 

16th July 2020

 

Aviva completes the sale of FPIL

 

Aviva plc ("Aviva") confirms the completion of the sale of Friends Provident International Limited ("FPIL") to RL360 Holding Company Limited ("RL360"), a subsidiary of International Financial Group Limited ("IFGL").

 

Under the revised structure, Aviva has sold a 76% shareholding in FPIL to IFGL for £259 million, of which £209 million is in cash and £50 million in deferred cash consideration. The completion of the transaction under the revised structure will result in minimal impact on Aviva's Solvency II capital surplus and IFRS book value as of 31st December 2019, in line with the held for sale accounting treatment. In 2019, FPIL's operating profit was £128 million and net profit, which takes into account AVIF amortisation, was £2.5 million. FPIL did not remit any cash to Aviva in 2019.

 

Aviva and IFGL have entered into a shareholders' agreement under which Aviva has certain ongoing commitments and customary rights given the minority shareholding. FPIL will continue to serve customers, partners and intermediaries as usual and there is no change to customers' policies as a result of today's announcement.

 

Aviva had previously announced the sale of 100% shareholding in FPIL to RL360 for a total consideration of £340 million, of which £310 million was cash consideration and £30 million was deferred consideration.

 

Ends

 

Enquiries:

 

Media

Andrew Reid  +44 (0)7800 694 276

Sarah Swailes  +44 (0)7800 694 859

 

Analysts

Chris Esson  +44 (0)20 7662 8115

Diane Michelberger  +44 (0)20 7662 0911

 

 

Notes to editors

 

· For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/

 

· Aviva is a leading international savings, retirement and insurance business. We exist to be with people when it really matters, throughout their lives - to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being 'with you today, for a better tomorrow'.

 

· Our vision is to earn our customers' trust as the best place to save for the future, navigate retirement and insure what matters most to them. In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.

 

· We operate through five business divisions: Investments, Savings & Retirement; UK Life; General Insurance; Europe Life; and Asia Life; and focus on three strategic priorities: deliver great customer outcomes, excel at the fundamentals and invest in sustainable growth.

 

· Total group assets under management at Aviva group are £510 billion and our Solvency II capital surplus is £12.6 billion (FY19). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.

 

· For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us

 

· The Aviva newsroom at www.aviva.com/newsroom includes links to our image library, research reports and our news release archive. Sign up to get the latest news from Aviva by email.

 

· You can follow us on Twitter: www.twitter.com/avivaplc/

 

· You can follow us on LinkedIn: www.linkedin.com/company/aviva-plc

 

· For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva

 

· We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking. 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DISFFFLFDDIELII
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