Aviva sells loss-making Friends Provident International

Following a strategic review of FPIL, the pension provider concluded the business was not central to its strategy, which sees the group focus on a small number of markets where it has scale and profitability or a distinct competitive advantage. Aviva said the sale would allow it to re-allocate capital to other, better-performing, businesses. In 2016, FPIL made a post-tax loss of £2m and did not remit any cash to Aviva. As a result, the sale of FPIL is expected to have a positive impact on Aviva's cash dividend paying capacity. FPIL will continue to serve customers, partners and int...