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Aviva exits Singlife, sells stake to Sumitomo for USD1bn


British insurer Aviva is exiting its Singlife joint venture by selling its 25.9% stake in Singapore Life Holdings and related debt instruments to Sumitomo Life for £800m (USD997m). The deal is set to conclude in Q4 2023. Aviva’s CEO, Amanda Blanc, stated this move simplifies the business, bolstering its position in the UK, Ireland, and Canada. Following the announcement, Aviva’s shares surged by 3.4%, marking their largest daily increase since January. The company’s H1 operating profit exceeded expectations, rising 8% to £715m, with the Singlife venture contributing £17m in 2022. The sale’s proceeds will be evaluated under Aviva’s capital management framework. Sumitomo Life already holds a 23.2% stake in Singlife.

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