Aviva has continued its business restructure with the sale of its remaining Italian life and general insurance businesses for €873m (£754m, $1.1bn) in cash.
This values the businesses at €1.2bn including Unicredit Group’s 49% shareholding in Aviva Italy.
The company has sold its Italian life insurance business to CNP Assurances for €543m, and its general insurance business to Allianz for €330m.
Customers, partners, financial advisers and agents of Aviva Italy will continue to receive the service from the businesses and there is no impact to customer policies as a result of the changes.
The employees of Aviva Italy will transfer with the businesses.
The deals are subject to customary closing conditions and are expected to complete in the second half of 2021.
‘Growing our already strong businesses’
The expected proceeds will be joined together from the sale of its shareholding in Aviva Vita to UBI Banca.
Aviva will make over €1.3bn in cash from the sale of its insurance businesses in Italy.
Amanda Blanc, chief executive of Aviva, said: “Since I announced our new strategy in August last year, we have announced seven divestments that will generate over £5bn ($6.97bn, €5.79bn) of cash proceeds.
“This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada. The sale of our Italian operations to high quality buyers is a positive outcome for our customers, employees, distributors and shareholders.
“We promised that we would deliver quickly and we are. Our work to improve Aviva for the benefit of our shareholders continues.”
The firm recently agreed to sell its French operation to Aéma Groupe for €3.2bn and its 40% stake in Turkish joint venture AvivaSA Emeklilik ve Hayat AS, in a bid to concentrate on its UK, Ireland and Canada businesses.
