Business

Aviva completes Italian life insurance sale to UBI Banca

The sale was previously announced on 23 November 2020 with proceeds being used to further strengthen Aviva’s central liquidity

Aviva has announced that it has completed the sale of its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita to its partner UBI Banca for a cash consideration of £386m.

The consideration also includes €40m (34.6m) received for the replacement of a subordinated loan provided by the group’s Italia Holding to Aviva Vita.

The sale was previously announced on 23 November 2020 with proceeds being used to further strengthen Aviva’s central liquidity. Additionally the sale was part of Aviva’s broader capital management and debt reduction objectives.

Amanda Blanc, CEO of Aviva, said at the time: “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.”

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