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Cost-cutting forces Aviva to sell Asian insurance units


U.K.-based insurer Aviva PLC plans to sell off its Hong Kong business as part of its efforts to cut costs by £300 million ($387 million) per year, This is Money reported citing Press Association. Aviva has also agreed to sell its Hong Kong digital insurance joint venture, Blue, to local investment management firm Hillhouse Capital Management Ltd., and is in talks to strike similar deals in Vietnam and Indonesia.

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