A statement from the insurer said the transaction will be completed in Q4 this year

Insurer Aviva confirmed today that it will pull out from its Indonesia operations by selling its joint venture stake to current partner PT Astra, a financial services firm.

According to media outlet Reuters, a statement from Aviva confirmed that “the transaction is expected to complete in Q4 2020 and is subject to certain closing conditions”.

The insurer, however, did not state how much the sale would raise.

The transaction still requires regulatory approval in Indonesia, alongside the completion of Bangkok Bank’s acquisition of Permata Bank – Aviva Indonesia’s bancassurance partner.

Bangkok Bank’s shareholders approved the Permata Bank purchase on 5 March 2020.

Last year, Aviva chief executive Maurice Tulloch announced that the insurer would be reviewing its Asia business.

In November 2019, the organisation confirmed that it would keep its Singapore and China operations, but it was considering options for its Indonesia, Vietnamese and Hong Kong businesses.