British insurer Aviva said Friday it plans to leave Taiwan to focus on higher growth markets, making it the latest global firm to exit the island’s insurance industry.
“Our intention is to streamline our business by focusing on fewer high performing markets,” said Simon Machell, Aviva’s chief executive of higher growth markets.
“As such, we are exiting Taiwan to optimise the group business portfolio and deliver the maximum financial performance,” he said in a statement, adding the firm is seeking Taiwan’s regulatory approval.
The exit of Aviva, Britain’s second biggest insurer after Prudential, follows US-based AIG and MetLife, which sold their local units last year.
Aviva reportedly plans to offload its 49 percent stake in First-Aviva Life Insurance, a joint venture with Taiwan’s First Financial Holding Co. in 2008.
The British firm announced in May plans for a strategic review of all its businesses and to strengthen its capital base after the resignation of its chief executive officer.
Since last year, Aviva has sold businesses in Australia, the United Arab Emirates, the Czech Republic, Hungary and Romania.