British insurer Aviva said on Tuesday that it was withdrawing from Taiwan because it did not expect to meet group financial targets there.
The announcement came as Aviva said that total sales of the group’s new policies rose by six percent in the first nine months of 2010 thanks to growth in Britain and elsewhere in Asia.
“We are exiting Taiwan as we do not believe we can meet our target financial returns in this market,” Aviva said in a trading statement.
But it added: “We are well-positioned to continue strong growth in both volumes and margins in our Asia Pacific business.”
Aviva also revealed that its new life and pensions sales reached 25.55 billion pounds (29.40 billion euros, 41 billion dollars) in the nine months to September 30 compared with the equivalent period of last year.
“As we look to the next phase of our growth, Aviva will sharpen its geographic focus and deepen its position in its key markets through its strengths in both life and general insurance,” chief executive Andrew Moss said in the statement.
Aviva in August rejected a takeover bid for part of its business from rival RSA worth 5.0 billion pounds in cash.
The proposal was for its general insurance businesses in Britain, Ireland and Canada, while the takeover would have been funded by RSA issuing new shares.
London, Nov 2, 2010 (AFP)