Home Industry News Aviva : sale of remaining stake in Delta Lloyd announced

Aviva : sale of remaining stake in Delta Lloyd announced

0 0

British insurance group Aviva said it had sold its remaining minority stake in Dutch insurer Delta Lloyd to unnamed investors for £353 million ($567 million, 433 million euros). 

The announcement comes a week after Mark Wilson began his reign as Aviva chief executive following a turbulent time for the company. Aviva said on Wednesday that it had sold its 19.4-percent holding for 12.65 euros ($16.55) per Delta share.

“Following completion of the offering, Aviva will no longer hold any stake in Delta Lloyd,” it added in a statement.  Aviva had in July already sold 21 per cent of shares Delta Lloyd as part of a large restructuring of the British group, which last month agreed to sell its US life insurance business for $1.8 billion to Bermuda-based Athene Holding.

Aviva decided to withdraw from 16 non-core business areas after the shock resignation of chief executive Andrew Moss in May amid spreading shareholder revolts over high pay for chief executives judged to have underperformed.

The appointment of New Zealand national Wilson, a former chief executive of Asian insurance giant AIA, was announced in November.

London, Jan 09, 2013 (AFP)