Aviva approached for sale of U.S. life unit

  • Britain’s second largest insurance firm, Aviva, has received numerous unsolicited approaches from financial and private equity buyers for a U.S. unit estimated to be worth nearly $1.6 billion, according to a report in the Sunday Telegraph.

    The British paper said Chief Financial Officer Pat Regan had spent a significant amount of time in Des Moines, Iowa, where the business is based, to prepare for the sale.

    Aviva is currently seeking to sell or close more than a quarter of its businesses in a bid to boost investor confidence.

    Earlier this month, it sold half its stake in Dutch rival Delta Lloyd for some $500 million.

    Meanwhile, Prudential and Manulife are among four potential buyers bidding for its Malaysian business in a deal worth another $500 million.