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(Alliance News) - Aviva PLC on Wednesday completed the sale of its Italian life insurance business, as part of its effort to simplify and focus on core markets.
The London-based insurance company sold the Italian business to the Paris-based insurance cooperation CNP Assurances SA for GBP462 million in cash, which it said on Wednesday has been received.
Aviva said the sale concluded its exit from the Italian market.
Going forward, the company said it will invest for growth in the UK, Ireland and Canada, where it thinks it has leading market propositions and significant potential.
Aviva also added it has strategic investments in Singapore, China and India under its belt.
"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," Chief Executive Amanda Blanc said.
Shares were up 2.4% at 394.20 pence each on Wednesday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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