8 March 2021 — Andrei Victor
UK insurer AVIVA annouced its exit from the Italian insurance market by selling its remaining life and general insurance business to CNP Assurances and ALLIANZ.
"AVIVA's transformation to focus on its strongest businesses continues with the sale of its remaining Italian Life and General Insurance businesses (AVIVA Italy) for EUR 873 million in cash", as AVIVA representatives mentioned in a statement.
Thus, AVIVA informed it agreed:
- to sell AVIVA's Italian Life insurance business to CNP Assurances for EUR 543 million,
- and sale of AVIVA's General insurance business to ALLIANZ for EUR 330 million.
"The transactions are subject to customary closing conditions, including regulatory and anti-trust approvals, and are expected to complete in the second half of 2021".
Following recents announcemets, this is the fourth exit of AVIVA Group in 2021 after:
- it decided to sell AVIVA France for EUR 3.2 billion to AEMA Groupe (more details here)
- it agreed to sell its entire 40% shareholding in its joint venture in Turkey to AGEAS Insurance International N.V. for an amount of GBP 122 million (click here for more)
- and after interational media wrote that the UK group intends to exit the Polish insurance market, German insurer ALLIANZ, the Dutch financial group NN and the Italians from GENERALI being the potential buyers. Read more.
It is worth mention, during 2020, AVIVA announced four transactions. Thus, in December AVIVA announces that it has completed the sale of its entire shareholding in its Hong Kong joint venture, AVIVA Life Insurance Company Limited (BLUE), to its joint venture partner, HILLHOUSE Capital (more here
). At the same time the UK insurer sold its entire 80% stake in Italian life insurance joint venture, AVIVA Vita to its partner UBI Banca (click here
to read more), completed the sale of its shareholding in PT ASTRA AVIVA Life - Indonesia to PT SEDAYA MULTI INVESTAMA (read more
) and sold its Singapore operation to local rival SINGLIFE (click here