Japan's second largest general insurer, Mitsui Sumitomo Insurance Co Ltd MSI, has gained a larger foothold in the region with the purchase of Aviva plc's general franchise in key Asian markets. The deal, which will cost the Japanese insurer $450 million in cash, will net it the British-based firm's entire general insurance business in Asia.
According to Aviva, the decision to sell the general side follows a refocusing on the long-term savings businesses in the region and expanding its presence in more developing markets. Currently Aviva has life insurance franchises in Singapore, Hong Kong, India and China, which all boast successful bancassurance partnerships with domestic banking institutions.
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