Aviva sells Aussie Life units

Aviva is to sell its Australian life business and wealth management platform to National Australia Bank for A$925m (£452m)

The company said: “The sale supports Aviva's strategy of focusing on the key growth markets in Asia where leading positions can be achieved. The decision to sell these businesses is based on the belief that it would be challenging to reach a leading position in Australia in the foreseeable future in an increasingly consolidated market. Aviva currently ranks ninth in the life market and its wealth management platform is ranked eighth.”