MIKE COADY

Financial Expert | Business Excellence | Growth Expert
Mike is an award-winning financial expert and a well-known leader in the financial industry.Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended.In addition, Mike is a well known Independent Financial Adviser and Money Coach. Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.
Top

RL360 buys FPIL

Mike CoadyFinancial News RL360 buys FPIL

RL360 buys FPIL

Aviva plc announces the sale of Friends Provident International Limited to RL360 Holding Company Limited, a subsidiary of International Financial Group Limited, for a total consideration of £340m*.

 

Following a strategic review of FPIL, Aviva has concluded that the business is not central to the group’s strategy to focus on a small number of markets where it has scale and profitability or a distinct competitive advantage. The sale of FPIL will allow Aviva to further reallocate capital to businesses that can achieve leading market positions and deliver superior returns.

The consideration represents a multiple of 3.2x FPIL’s 2016 net asset value. The transaction will result in an increase of approximately £100m in Aviva’s Solvency II capital surplus. The transaction will also create an IFRS loss on disposal of approximately £130m, which is primarily due to the intangible assets held on Aviva’s balance sheet arising from Aviva’s acquisition of FPIL in 2015.

In 2016, FPIL made a post-tax loss of £2m and did not remit any cash to Aviva Group. As a result, a disposal of FPIL is expected to be positive to Aviva’s cash dividend paying capacity.

FPIL will continue to serve customers, partners and intermediaries as usual and there is no change to customers’ policies as a result of today’s announcement.

The transaction is subject to customary regulatory approvals and is expected to complete in early 2018.

Chris Wei, Executive Chairman, Aviva Asia & FPIL, said:

“The sale of Friends Provident International Limited is a good outcome for Aviva. It allows us to focus on the significant opportunities we have to grow Aviva’s business across Asia through digital and disrupting the traditional insurance industry.”

Mike Coady
Mike Coady

Mike is recognised at the forefront of financial planning as a financial advice mentor who demands only the best outcomes for both individuals and businesses he works alongside.

No Comments

Leave a Reply