By Vladimir Guevarra
Of DOW JONES NEWSWIRES
LONDON -(Dow Jones)- U.K. insurer Aviva PLC (AV.LN) said Wednesday it would look into whether it could buy some insurance assets being sold by Dutch financial services company ING Groep NV (ING).
"One of the largest financial institutions in the world said it wants to dispose of its insurance assets. It's incumbent upon the executive team of Aviva to see whether there's anything within there which may make sense. That's a routine part of what we do," Aviva Chief Executive Andrew Moss told reporters.
However, Moss said Aviva will be "very disciplined" and cautious in using its cash for acquisitions. "We will use this money in an inorganic way if we think the financial returns are compelling. We are in no rush," he added.
Moss also said it is not interested in Direct Line, which is part of the insurance business which may either be sold or floated by Royal Bank of Scotland Group PLC (RBS.LN).
"Direct Line was on the block not very long ago...We made it clear at that time that buying another large brand in the U.K. didn't make sense to us because the Aviva and RAC brands are trading successfully. Buying another brand doesn't stack up for us," he said.
Company Web site: www.aviva.com
-By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0) 2078429486, vladimir.guevarra@dowjones.com