Aviva completes on exit from Italy

Aviva said it completed the sale of Aviva Italia, its Italian general insurance business, to Allianz for £284m.

The sale was first announced in March, when Aviva said it was exiting Italy and selling its remaining Italian life and general insurance businesses for €873mln in cash.

The life insurance business sold to CNP Assurances for €543m.

In March 2021, 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.

This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada. The sale of our Italian operations to high quality buyers is a positive outcome for our customers, employees, distributors and shareholders.

We promised that we would deliver quickly and we are. Our work to improve Aviva for the benefit of our shareholders continues."