Insurance giant Aviva has said that it is not selling its Singapore arm after carrying out a review.
This comes months after International Adviser reported on speculation that the firm was looking to sell off its Asian businesses.
It said in a statement: “Following a thorough review of options for the Singapore business, including seeking offers for the business, Aviva has concluded that the best value for shareholders will be achieved by retaining the business.”
The insurer also confirmed that it will be keeping hold of its China operation as well, “given the scale of the market, excellent relationship with its partner Cofco and the high growth prospects”.
Aviva has six Asian businesses, which operate in China, Hong Kong, India, Indonesia, Singapore and Vietnam
Singapore and Vietnam are the only wholly-owned operations, where there was speculation in September that these two units were receiving the most attention.
It said: “Aviva is continuing to explore strategic options for its operations in Hong Kong, Vietnam and Indonesia, with its respective partners in each country.”
Aviva announced the protracted sale of Friends Provident International to RL360 in July 2017.
Speculation has mounted that the deal could be scuppered by the Hong Kong regulator, but there has been no official confirmation from any of the parties involved.
The latest update was that the sale is progressing.
IA contacted Aviva on the sale, and it said that was not making a comment on it at this time.