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 provides life insurance, general insurance, health insurance and asset management to 33 million customers.
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.  
  • Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £350 billion in assets. Total group assets under management at the Aviva group are £490 billion.
  • Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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