LONDON, Oct 13 (Reuters) - British insurer Aviva said on Friday it is to sell its 49 percent stake in its Taiwan joint venture to its partner First Financial Holding, as it tries to focus on more profitable markets.
The decision came after a strategic review of the business found it did not fit with the group’s strategy of focusing on markets where it can achieve scale or have a distinct competitive advantage.
The sale of the Taiwan business, for an undisclosed price, will have a negligible impact on Aviva’s capital position and operating profit, the insurer said.
Aviva previously looked at exiting Taiwan in 2010 and 2012, but opted not to in the face of opposition from regulators.
The insurer has also this year sold its stake in three Spanish joint ventures, its Italian joint venture and part of its French business, as it tries to focus on its core markets in Britain and Canada. (Reporting by Clara Denina; Editing by Rachel Armstrong)