Aviva informed that it has completed the sale of its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita, to its partner UBI Banca.

Aviva received EUR 453 million in cash consideration, which includes EUR 40 million received for the replacement of a subordinated loan provided by Aviva Italia Holding to Aviva Vita.

XPRIMM wrote about the sale of Aviva's shareholding in Aviva Vita in November 2020 (read more here).

Currently, Aviva has other three operating insurance entities in Italy: Aviva SpA (51% owned life insurance joint venture, with UniCredit), Aviva Life SpA (a 100% owned life insurance entity) and Aviva Italia SpA (100% owned general insurance entity).

The UK insurer mentioned the previously announced sales of Aviva's remaining Italian Life insurance business (Primarily comprises 51% shareholding in Aviva S.p.A. and 100% shareholding in Aviva Life S.p.A.) and general insurance business (Comprises Aviva Italia S.p.A.) are on track to complete in the second half of 2021.