Aviva 'considering sale of Irish business' - report

British insurance giant Aviva is reported to be considering a sale of its Irish health insurance business.

Aviva is Ireland's third biggest health insurer after VHI and Laya. Laya Healthcare is owned by US giant AIG.

Smaller rival GloHealthcare is being tipped as a possible buyer.

The possible sale price is thought to range between €50 and €100m.

AIB owns 30% of Aviva. Neither company has yet commented.

The Irish arm of UK insurance giant Aviva grew its profits by 13% last year.

Aviva Ireland last year transfered its life assurance portfolio to the UK, which management said has reduced the Irish operation’s capital requirements and made it more sustainable.

The life arm saw operating profits grow by 7% last year to €28m, with the value of new business rising by 30%.