1st Apr 2021 11:45
(Alliance News) - Aviva PLC said Thursday it has completed the sale of its entire shareholding in Italian life insurance joint venture Aviva Vita SpA to its partner UBI Banca.
The blue chip London-based savings, retirement and insurance business netted EUR453 million from the sale of its 80% shareholding in Aviva Vita.
In addition, Aviva also received a EUR40 million replacement loan provided to Aviva Vita by Aviva Italia Holding SpA.
Aviva added that the deal will not affect any customers of Aviva Vita.
When the deal was first announced in mid-November, Aviva said: "The proceeds will be used to further strengthen Aviva's central liquidity and will be considered as part of Aviva's broader capital management and debt reduction objectives."
Aviva Chief Executive Amanda Blanc added: "Our strategy is about focus and delivery. The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business. We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders."
Shares in Aviva were slightly higher in London on Thursday at 408.40 pence each.
By Paul McGowan; [email protected]
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