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Aviva Simplifies Into Five Divisions; To Sell Its Stake In Hong Kong JV

Aviva plc (AV.L,AV) said Wednesday that it has simplified the company into five operating divisions, and agreed to sell its stake in Hong Kong joint venture to partner Hillhouse Capital. The company also expects operating profit for 2019 to be broadly in line with its expectations.

The new operating divisions are Investments, Savings & Retirement; UK Life; General Insurance; Europe Life; and Asia Life.

The company noted that it has retained its businesses in Singapore and China.

Aviva has also agreed to sell its stake in its Hong Kong joint venture, Blue, to its partner Hillhouse Capital. It is in discussions with its partners in relation to its business in Vietnam and joint venture in Indonesia.

In 2019, the company estimates a contribution of 300 million pounds - 400 million pounds from management actions.

Meanwhile, Aviva said it is investing 1.3 billion pounds over the next three years to transform the company into a simpler, stronger and better business.

The company aims to generate 8.5 billion pounds to 9 billion pounds of cash flow between 2019 and 2022.

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