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Aviva heads back into Asian insurance market

AVIVA said it would re-enter the Asian general insurance market five years after offloading its non-life operations in the region.

Britain's second largest insurer has made the move into Singapore after rival Prudential spent £24 billion on the Asian operations of bailed-out American insurer AIG.

Asia has one of the world's quickest expanding financial services markets.

Simon Machel, chief executive of Aviva Asia Pacific said: “Our entry into Singapore marks the first step in our plan to penetrate the rapidly expanding general insurance market in Asia.

“The company will quickly increase its portfolio of products to include home and travel insurance.”

Aviva quit the Asian general insurance market in 2005 when it sold its non-life operations to ja Mitsui Sumitomo Insurance for $450 million (£294m).