Aviva plc (“Aviva”) today announces that it has completed the sale of its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A. (“Aviva Vita”), to its partner UBI Banca.
Aviva received €453m (£386m1) in cash consideration, which includes €40m 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.
The 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.
- Using 31 March 2021 GBP/EUR FX spot rate of £1/€1.17
- Primarily comprises 51% shareholding in Aviva S.p.A. and 100% shareholding in Aviva Life S.p.A.
- Comprises Aviva Italia S.p.A.
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Notes to editors:
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