Home Business News Aviva announces exit from Italy

Aviva announces exit from Italy

by LLB Editor
4th Mar 21 11:23 am

Aviva’s transformation to focus on its strongest businesses continues with the sale of its remaining Italian Life
and General Insurance businesses for €873m in cash. This values the businesses at €1.2bn
including Unicredit Group’s 49% shareholding in Aviva S.p.A.

Key highlights:
• Sale of Aviva’s Life insurance business to CNP Assurances for €543m, and
• Sale of Aviva’s General insurance business to Allianz for €330m
• Collectively the transactions represent a multiple of 0.8x Solvency II own funds3 and 1.5x IFRS net asset value as at 31 December 2020
• Together with expected proceeds from the previously announced sale of our shareholding in Aviva Vita to UBI Banca, Aviva will realise over €1.3bn of cash from the sale of its insurance businesses in Italy

Amanda Blanc, Chief Executive Officer of Aviva, said: “Since I announced our new strategy in August last year, we have announced seven ivestments that will generate over £5bn of cash proceeds. This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada. The sale of our Italian operations to high quality buyers is a positive outcome for our customers, employees, distributors and shareholders.

“We promised that we would deliver quickly and we are. Our work to improve Aviva for the benefit of our
shareholders continues.”

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