Strategy

Aviva completes exit from Spain

Completion of sale of Cajamurcia Vida and Caja Granada Vida to Bankia.

Aviva plc (“Aviva”) announces that it has completed the sale of its entire shareholding1 in life insurance and pensions joint ventures, Cajamurcia Vida2 and Caja Granada Vida3, to Bankia4. The final consideration of the transaction is €203 million (£179 million). This follows the announcement of the sale by Aviva on 23 February 2018.

Aviva has also agreed the sale of its 50% shareholding in Spanish life insurance operation, Pelayo Vida5, to Santalucía6. This transaction completes Aviva’s withdrawal from the market. The transaction is subject to regulatory and anti-trust approvals and is expected to complete in the fourth quarter of 2018.

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Note: Proceeds converted to GBP at an exchange rate of €1.131/£1

References:

1Aviva holds 50% shareholding in Cajamurcia Vida and 25% shareholding in Caja Granada. 
2 Cajamurcia Vida y Pensiones de Seguros y Reaseguros, S.A.
3
Caja Granada Vida, Compañía de Seguros y Reaseguros, S.A. 
4 Bankia S.A. 
5 Pelayo Vida Seguros y Reaseguros S.A. 
Santa Lucía, S.A, Compañía de Seguros y Reaseguros. 

Enquiries:

Media

Yasmin Saleh
+44 (0)20 7662 8710

Analysts

Chris Esson
+44 (0)20 7662 8115

Diane Michelberger
+44 (0)20 7662 0911

Notes to editors:

  • Aviva is a leading international savings, retirement and insurance business. 
  • Our aim is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. Last year, we paid c.£33 billion in claims and benefits on behalf of our 33 million customers.
  • We operate through five business divisions: Investments, Savings & Retirement; UK Life; General Insurance; Europe Life; and Asia Life; and focus on three strategic priorities: deliver great customer outcomes, excel at the fundamentals and invest in sustainable growth.
  • Total group assets under management at Aviva group are £501 billion (as at 30 June 2019) and our Solvency ratio is 195% (3Q19). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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