Aviva sells Turkey business as turnaround plan continues

FILE PHOTO: The Aviva logo sits outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson

(Reuters) - British insurer Aviva has agreed to sell its 40% stake in a joint venture in Turkey for 122 million pounds ($173 million), the latest asset sale by Chief Executive Amanda Blanc.

The sale to Ageas Insurance International is expected to close later in 2021 and comes a day after Aviva agreed to sell its French business as part of its plan to focus on operations in Britain, Ireland and Canada.

“With another disposal occurring so soon after the disposal of France, CEO Amanda Blanc appears to be living up to her commitment for material change ‘at pace’,” Jefferies analysts said in a note.

The insurer is selling its operations in Poland and Italy, sources have previously said. It is also reviewing other international ventures, including one India, after pulling out of Indonesia.

($1 = 0.7045 pounds)

Reporting by Clara Denina; Editing by Rachel Armstrong