After France, Turkey and Poland, Aviva's exit from Italy completed

2 December 2021 — Daniela GHETU
Aviva plc announced the completion of the sale of its Italian Life Insurance businesses to CNP Assurances for a total cash consideration of EUR 543 million. This concludes Aviva's exit from the Italian market.

Amanda Blanc, Group Chief Executive Officer of Aviva, said: "In the last 24 hours we have completed the sales of both Aviva Poland and our Italian life insurance business. These are major steps forward as we radically simplify Aviva. I have no doubt that both businesses will thrive under their excellent new owners, and I wish them and all their people every future success."

The Italian transaction, firstly announced on 4 March 2021, primarily comprises 51% shareholding in Aviva S.p.A. and 100% shareholding in Aviva Life S.p.A. Previously, Aviva sold its Italian General insurance business to Allianz for EUR 330 million and its shareholding in Aviva Vita to UBI Banca, the total cash realized by the British group from the sale of its insurance businesses in Italy amounting to EUR 1.3 billion.

The operation is part of Aviva's new strategy announced in August last year, that includes seven divestments, overall generating over GBP 5 billion of cash proceed. The strategy aims to simplifying the company by allowing it to focus on its core businesses in the UK, Ireland and Canada.

The news came after the completion, in November, of Aviva Poland's sale to Allianz for a cash consideration of EUR 2.5 billion and the sale of its French business to Aema Groupe for EUR 3.2 billion. In May 2021, Aviva also completed the sale of its entire 40% shareholding in the Turkish life insurance and pensions joint venture, AvivaSA Emeklilik ve Hayat AS, to Ageas Insurance International NV for ~EUR 104 million.

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