Fri, 13 Oct 2017 | BUSINESS SALE
UK insurance firm Aviva, which has about 33 million customers globally, is set to sell the Taiwanese branch of its business for a symbolic amount of $1.
According to a statement from Aviva, the decision came after a review of the business which found it did not fit with the group’s aim of focusing on markets where it can achieve scale or have a distinct competitive advantage.
“This was not about financials, it was more a strategic decision,” a spokeswoman for Aviva said.
The company will transfer its 49 per cent interest in a joint venture to local partner First Financial Holding.
This year, the insurer has also sold its stake in three Spanish joint ventures, its Italian joint venture and part of its French business, as it tries to focus on its core markets of Britain and Canada.
Aviva first entered Taiwan in 2007 but considered leaving in 2010 and 2012 when they realised how difficult it was to turn a profit in the country's low-rate environment. They were stopped after opposition from their regulators.
The company have said they will now focus on “markets where it can achieve scale and profitability or have a distinct competitive advantage,” it said in a statement.
Find a business for sale
Subscribe to Business Sale Report
The company is an automatic and industrial door supplier, installing a variety of systems, including but not limited to, automatic doors, fire resistant shutters, entrance barriers, roller shutters and garage doors.
Well-established company operating for over 23 years. Offers a range of driving positions, which include day runs, local runs, local shunting, nights out and tramping.
The company is a business-to-business wholesaler of cask ales, continental lagers, and craft cider. Since its establishment, the business has cultivated strong relationships with high-profile and local breweries, gaining exclusive access to their pro...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.