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Aviva set for £349m windfall on JV sale

by Sarah Miloudi on Jan 14, 2013 at 07:51

Aviva set for £349m windfall on JV sale

Aviva is in line for a £349 million boost as it looks to continue its drive to streamline its operations.

The insurer is today expected to sign a deal to sell its Malaysian joint venture to Sun Life Financial and the Malaysian sovereign wealth fund, marking the latest in a string of agreements designed to simplify Aviva's business and concentrate its focus.

Recent months have seen speculation about the sale of Aviva's US arm, which eventually resulted in a £1 billion windfall for the group, along with a £300 million deal to offload its Delta Lloyd holding.

Aviva Investors, the firm's fund management arm, has also undergone significant change.  Last year it announced a raft of job cuts, with 160 posts axed globally as Aviva said it would pull back from the retail funds market.

After netting $566 million via the sale of its Delta Lloyd stake, Aviva will scoop 1.7 ringgit  (around £349 million) from its Malaysian sale, according to the Times.

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