UK insurance firm Aviva announces sale of remaining stake in Delta Lloyd
AFPLONDON -- British insurance group Aviva said on Wednesday it had sold its remaining minority stake in Dutch insurer Delta Lloyd to unnamed investors for 353 million pounds (US$567 million).
January 10, 2013, 12:04 am TWN
The announcement comes a week after Mark Wilson began his reign as Aviva chief executive following a turbulent time for the company, Britain's second-biggest insurer after Prudential.
Aviva said on Wednesday that it had sold its 19.4-percent holding for 12.65 euros (US$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 percent of shares Delta Lloyd as part of a large restructuring of the British group, which last month agreed to sell its U.S. life insurance business for US$1.8 billion to Bermuda-based Athene Holding.
Aviva decided to withdraw from 16 noncore 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.