Aviva has announced the completion of its previously announced 80% shareholding in Italian life insurance joint venture to its partner UBI Banca.
Aviva received €453 million in cash consideration, a figure which includes €40 million received for the replacement of a subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva Vita.
The sale of Aviva’s shareholding in Aviva Vita was announced on 23 November 2020 and was seen as a way to fulfil the company’s commitment to refocus its portfolio.
Meanwhile, he previously announced sales of Aviva’s remaining Italian Life2 insurance business and general insurance3 business are on track to complete in the second half of 2021.
The gross assets of Aviva Vita were £16.32 billion last June. The proceeds were intended to be used to further strengthen its central liquidity and be considered as part of Aviva’s broader capital management and debt reduction objectives.