(Alliance News) - Aviva PLC on Friday confirmed that it has received GBP284 million, or EUR330 million, for its Italian general insurance business.
The FTSE 100-listed insurer said it has completed the sale of Aviva Italia to the Munich, Germany-based financial services firm Allianz SE.
In March, Aviva announced the sale of its remaining Italian life and general insurance businesses for total cash of EUR873 million. This values the businesses at EUR1.2 billion, including UniCredit Spa's 49% shareholding in Aviva SpA.
Alongside the Allianz deal, the company previously announced plans to sell its life insurance business to French firm CNP Assurances SA for EUR543 million.
Back in spring, the London-based Aviva said it planned to use the increased capital and cash to support debt reduction, investment for long-term growth, and the return of excess capital to shareholders.
"Since I announced our new strategy in August last year, we have announced seven divestments that will generate over GBP5bn of cash proceeds. This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada," had said Chief Executive Amanda Blanc in March.
Shares in Aviva were trading down 1.7% at 389.30 pence each in London on Friday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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Aviva (AV.)
