Aviva has now fully exited the Italian market following a €543 million sale of various life insurance businesses to CNP Assurances.
The UK insurer had previously offloaded its general insurance business to Allianz €330 million, in a deal that was finalised last month.
That deal with Allianz involved a portfolio equally distributed between motor and non-motor business segments with gross written premiums of around €400 million.
The scope of this latest CNP transaction involves 51% of Aviva S.p.A., a life insurance company in which UniCredit S.p.A. holds a 49% stake.
Aviva S.p.A. will change its company name to CNP Vita Assicura.
CNP also takes 100% of Aviva Life S.p.A., a life insurance company which is set to be rebranded as CNP Vita Assicurazione.
Meanwhile, Aviva Italia Servizi S.c.a.r.l., which provides business support services to the two insurance companies; Aviva Italia Servizi S.c.a.r.l. will change its company name to CNP Vita SCARL1.
“In the last 24 hours we have completed the sales of both Aviva Poland and our Italian life insurance business,” said Amanda Blanc, Group Chief Executive Officer of Aviva.
“These are major steps forward as we radically simplify Aviva. I have no doubt that both businesses will thrive under their excellent new owners and I wish them and all their people every future success.”
