Aviva to sell US division for £1bn
Aviva is preparing to sell its US division at an estimated loss of £800m, according to reports.
The Sunday Telegraph reported that the US arm, which was bought in 2006 for £1.8bn, is likely to be sold for £1bn.
Pat Regan, chief financial officer at Aviva, is undertood to be spending a considerable amount of time at the US business' Iowa headquarters to prepare for a sale and to supervise the process.
The decision to sell up follows a strategy review led by recently appointed chairman John McFarlane.
Mr McFarlane announced at the beginning of July that the insurer would be withdrawing from
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