Additional proceeds expected from Aviva’s exit of Singlife joint venture

Aviva expects to receive approximately £80 million of additional proceeds relating to the sale of its stake in Singlife, together with two debt instruments, to Sumitomo Life. The additional proceeds are the result of a separate transaction whereby Sumitomo Life has agreed to purchase TPG’s equity stake in Singlife.

The revised total proceeds that Aviva expects to receive are approximately £930 million.

The disposal of Aviva’s stake in Singlife, including the sale of two debt instruments, was announced in September and remains subject to customary closing conditions, including regulatory approvals, and is expected to complete in Q1 2024.