United kingdom. Aviva sells its Italian business to CNP and Allianz for 873 million

Madrid, 4 (Europe Press)

British insurer Aviva has agreed to sell Italy’s life and general insurance business to CNP Assurances and Allianz, respectively, for a total of € 873 million, according to the British company, which is advancing as such in its focus strategy. In the UK, Ireland and Canada markets after the recent sale of its French subsidiary.

Specifically, CNP Assurances will pay 543 million for Aviva Life’s business in a cross-Alpine country, which includes 51% Aviva SpA and 100% Aviva Life, while Allianza will buy Aviva Italia non-life insurance company Aviva Italia for € 330m. .

This way, combined with the previous sale of its stake in Aviva Vita to UBI Banca, the British insurer will raise approximately € 1,300 million in cash through the sale of its insurance business in Italy.

Aviva, confident of completing transactions in the second half of 2021, expects to use the increase in capital and cash to support the debt reduction framework, as well as investing for the company’s long-term growth and return on business. Shareholders.

“Since announcing our new strategy in August last year, we have announced seven divestments that will generate more than 5 billion pounds (5788 million euros) in cash income,” said Amanda Blank, CEO of Aviva.

In this sense, Aviva announced at the end of last February an agreement to sell Aviva France to the French insurer Aéma Groupe for 3,200 million euros in cash.

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