Aviva considers IPO of Turkish joint venture

4th Sep 2014 17:17

Insurance company Aviva and Haci Ömer Sabanci Holding are considering a potential initial public offering (IPO) of a minority stake in their life and pensions business AvivaSA Emeklilik ve Hayat AS.As required by Turkish regulation, AvivaSA has submitted a prospectus to the Turkish Capital Markets Board for review and confirmed the stake involved in the offering could be up to 20%. The company stated the potential IPO is part of its and Sabanci's strategy for AvivaSA, one of Turkey's largest private pensions providers and one of Aviva's growth businesses. AvivaSA's distribution network includes the largest fully-owned direct sales force in Turkey, as well as a bancassurance agreement with Akbank, one of the largest private banks in Turkey. Aviva currently holds 49.8% stake in AvivaSA, which had a net asset value of £96.4m at 30 June. Aviva shares were up 0.76% to 533.00p at 16:29 on Thursday. DC