Aviva has agreed the sale of its operations in France for 3.2 billion euros ($3.89 billion) to Macif’s Aéma Groupe, as part of the British insurer’s shift to focus on its core operations in Britain, Ireland and Canada.
London-based Aviva, led by boss Amanda Blanc, said the sale would increase excess capital by 2.1 billion pounds ($2.95 billion) and cash of around 2.8 billion pounds.
Aéma Groupe, formed in January through the merger of French mutual insurer Macif Group and Aésio Mutuelle, has 8 million customers and a turnover of 8 billion euros.
Aviva France has 3 million customers and 7.8 billion euros in revenue. It covers life insurance, property and casualty and asset management markets in France.
Read more at: Reuters
By Clara Denina, Rachel Armstrong, Louise Heavens and David Evans
