Insurance giant Aviva has confirmed that the sale of Aviva Australia Holdings, which includes a wealth management arm, will go on as scheduled in the third quarter of 2009, pending regulatory approval.

The news was revealed during the 2009 first-half earnings announcement, which saw the group making a net profit of £747 million in the six months to June, compared to an after tax loss of £84 million in the same period last year.

In a statement, Aviva chief executive Andrew Moss said, "In a challenging economic environment Aviva has returned to profit. The diversity of our business has again been a strength, through our range of geographies, products and distribution."

A month ago, National Australia Bank agreed to purchase Aviva's wealth management arm for $825 million, pending a go-ahead from the Australian Competition and Consumer Commission.

A related article on The Australian said that the deal could create a wealth management powerhouse alongside the likes of Commonwealth Bank and Westpac if approved.