Aviva has decided to sell its stake in a local joint venture in Taiwan and leave the Taiwanese market.

The state-run First Financial Holdings already announced earlier its plan to buy a 49% stake in the joint venture First-Aviva Life Insurance from its British partner at a token price of US$1.

The Financial Supervisory Commission said it respects Aviva’s decision.

According to the Insurance Bureau’s deputy director-general, Tsai Li-ling, the insurer has opted to dedicate its energies on larger markets where it can take full advantage of its competitiveness.

Since its founding in 2008, First-Aviva Life has been piling up losses.

As of the first half of this year, its accumulated losses were NT$57.72 million (US$1.91 million).

Taiwan is not the only market Aviva is pulling out of.

There are also South Korea, Malaysia, Sri Lanka, Ireland and Russia.