Aviva’s boss Maurice Tulloch, hinted of its intention to sell off the Asian division of the company back in August 2019.

The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions, including regulatory approval in Indonesia and the completion of Bangkok Bank Public Company Limited’s acquisition of PT Bank Permata Tbk, Aviva Indonesia’s bancassurance partner.

The shareholders of Bangkok Bank approved the acquisition of Permata Bank on 5 March 2020.

The sell-off arrives as Aviva posted its 2019 preliminary results which revealed that the company’s profits increased by 6% to reach £3,184 million (2018: £3,004m).

The firm also saw its own funds generation increase from £2 billion in 2018 to £2.3bn, whilst its IFRS profit before tax reached £3.5m, an increase from £3.1m in 2018.

Aviva’s final dividend share was 21.40p.

Maurice Tulloch said: “In 2019, we set out our priorities and financial targets, strengthened our leadership team and remained focused on helping our customers prepare for a better future. We’ve made good progress, but there is much more to do.

“Our return on equity was 14.3% and operating profit increased 6% to a record £3.2bn. Our capital position remains strong and resilient at a 206% Solvency cover ratio. The board has increased the full-year dividend by 3% to 30.9 pence per share.

“In general insurance, sales are up 2% and the outlook is positive in the majority of our markets. In our major life businesses, we have increased customer net inflows and grown assets by 9% to £417bn. Aviva Investors secured third-party net inflows of £2.3bn on the back of strong investment performance.

“My objective is to run Aviva better. We will improve business performance and enhance returns through disciplined action on expenses and underwriting. We will focus capital and resources where we can achieve competitive advantage and strong returns and we will take robust action across the portfolio where our performance falls short or where we can see a better way of delivering value to our shareholders.”