U.K.-based insurer Aviva (AVIAF, AVVIY) recently outlined its planned strategic shift. Key to the business was the plan to divest non-core overseas assets, although for shareholders equally important is a review of the high yielding dividend, which I expect to be cut.
The company has announced a partial divestiture of its Singapore business which, given the swiftness since the previous announcement of the strategy of focusing on core business, suggests that the new chief executive is not wasting any time. I remain down on the stock, as I expect a dividend cut which will reduce its primary attraction as a high yielder. Nonetheless, the speed of the latest move is noteworthy as it suggests that Aviva may be changing quite a bit under its new leadership.
Aviva Will Sell Its Majority Singapore Holding
The company announced that it will sell a majority shareholding in Aviva Singapore to a consortium led