Global insurer Aviva has exited from the Italian market through a pair of deals with Allianz and CNP Assurances totaling €873 million ($1.1 million) in a bid to focus on its core businesses in the UK, Ireland and Canada.
Allianz has agreed to acquire Aviva’s general insurance business Aviva Italia, the Italian P/C entity including motor and non-motor business segments, for €330 million in cash.
The UK-based insurer said the move is a part of its strategic transformation to focus on its strongest businesses in the core markets, and unlock capital and cash for debt reduction, investment in long-term growth and return to shareholders.
Amanda Blanc, chief executive officer of Aviva, said: “Since I announced our new strategy in August last year, we have announced seven divestments that will generate over £5bn of cash proceeds.”
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