Aviva share price little changed as group exits Taiwan

Aviva makes decision to exit Taiwan market

Aviva makes decision to exit Taiwan market

Shares in Aviva (LON:AV) have been little changed in London this morning, as the company announced that it is exiting its business in Taiwan.

As of 08:51 BST, Aviva's share price had lost 0.18 percent to 499.10p, slightly outperforming the broader United Kingdom market, with the benchmark FTSE 100 index now standing 0.38 percent lower at 7,527.71 points.

The decision came after a review of the business 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, Aviva said in a statement.

United Kingdom insurer Aviva said today its decision to sell its 49 per cent stake in a Taiwan joint venture to its partner First Financial Holding conformed to its strategy of withdrawing from less profitable markets.

The move comes after Aviva recently inked a deal to acquire a majority stake in a low-priced "robo" investment service.

Aviva has also sold its stake its Italian joint venture, part of its French business and its holding in three Spanish joint ventures this year as it turns its attention to more profitable markets.

Aviva will sell its entire stake to First Financial without offering details with regards to price. As of October 6, 2017, the consensus forecast amongst 21 polled investment analysts covering the blue-chip insurer has it that the company will outperform the market.

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