Insurance giant Aviva will sell its entire 40% share in its Turkish joint venture AvivaSA Emeklilik ve Hayat AS.
The stake will be acquired by Ageas Insurance International for a cash consideration of £122m ($171m, €141m).
Aviva’s JV partner, Sabanci Holding, will retain its 40% share. Aviva did not name which company owns the remaining 20% stake in the joint venture.
AvivaSA Emeklilik ve Hayat AS offers a range of products including pensions and life insurance.
The deal is subject to regulatory approval and should complete in 2021.
Aviva’s decision follows the recent sale of its French operation to Aéma Group for €3.2bn (£2.7bn, $3.8bn).
The provider said it wants to focus on its UK, Irish and Canadian businesses.