Aviva has announced the completion of the sale of its Italian General Insurance business, Aviva Italia S.p.A., to Allianz for a cash consideration of €330 million.
First announced in March, the portfolio is equally distributed between motor and non-motor business segments with gross written premiums of around €400 million.
In total, nearly 500 agents together with their client base will join Allianz, as well as the related employees of Aviva Italy.
Allianz S.p.A.’s P/C market share in Italy is expected to increase by approximately 1 percentage point, consolidating its position in the Italian P/C market.
Back in March, Aviva said that it expects to use the increased capital and cash to support its previously announced capital framework of debt reduction, investment for long-term growth, and return of excess capital to shareholders.
