Aviva plc (LON:AV) has announced the completion of the sale of its Italian Life Insurance businesses1 to CNP Assurances and has received £462 million2 (€543 million) in cash consideration. 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.”
1. Transaction as announced on 4 March 2021. Primarily comprises 51% shareholding in Aviva S.p.A. and 100% shareholding in Aviva Life S.p.A.
2. Using FX spot rate of £1/€1.1754.