Aviva Sells Remaining Italian Businesses for EUR873 Million
March 04 2021 - 3:21AM
Dow Jones News
By Jaime Llinares Taboada
Aviva PLC said Thursday that it is selling its remaining Italian
life and general insurance businesses for 873 million euros ($1.05
billion) in cash.
The FTSE 100-listed insurer said the life division was sold to
CNP Assurances for EUR543 million, while Allianz SE is buying the
general-insurance unit for EUR330 million.
The group said it expects to use the increased capital and cash
to support its debt reduction strategy, to fund investments, and to
return excess capital to shareholders.
"Since I announced our new strategy in August last year, we have
announced seven divestments that will generate over GBP5 billion of
cash proceeds. This rapid progress allows us to focus on
transforming and growing our already strong businesses in the U.K.,
Ireland and Canada," Chief Executive Amanda Blanc said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
March 04, 2021 03:06 ET (08:06 GMT)
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