Company briefs: Aviva; Genting Malaysia; HSBC



Aviva has agreed to the sale of its operations in France for €3.2 billion (S$5.1 billion) to Macif's Aema Groupe, as part of the British insurer's shift to focus on its core operations in Britain, Ireland and Canada.

London-based Aviva said the sale would increase excess capital by £2.1 billion (S$3.9 billion) and cash of around £2.8 billion. Aema Groupe, formed last month through the merger of French mutual insurer Macif Group and Aesio Mutuelle, has eight million customers and a turnover of €8 billion.

Aviva France has three million customers and €7.8 billion in revenue.


Genting Malaysia

Genting Malaysia has invested more than US$800 million (S$1.06 billion) in a new theme park targeted for opening in the second quarter of this year, the casino operator said yesterday.

The hospitality and leisure group said it was "putting the finishing touches" to the outdoor theme park, Genting SkyWorlds, which will incorporate 20th Century Studios brands and intellectual properties among its rides and attractions.

The park is located some 1,829m above sea level at Genting Highlands. Resorts World Genting, also owned by the group, resumed operations last week.



HSBC yesterday vowed to accelerate its Asia pivot despite spiralling tensions between China and the West, after it reported a 30 per cent plunge in profits for last year caused by the coronavirus pandemic.

Reported profit after tax came in at US$6.1 billion (S$8.06 billion), which the bank blamed primarily on higher-than-expected credit losses and other bad debts. The results came as HSBC published a new strategy laying out plans to redouble its attempt to seize more of the Asian market.


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A version of this article appeared in the print edition of The Straits Times on February 24, 2021, with the headline Company briefs: Aviva; Genting Malaysia; HSBC. Subscribe