Aviva has announced the sale of Aviva Italy for €873m in cash, coming just days after similar divestments of its businesses in France and Turkey.

This deal, which sees Aviva's Italian business acquired by CNP Assurances, values the businesses at €1.2bn including Unicredit Group's 49% shareholding in Aviva S.p.A.

Amanda Blanc, CEO 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," she added.

Employees of Aviva Italy will transfer with the businesses, it was confirmed this morning.

Aviva expects to use the increased capital and cash to support its previously communicated capital framework of debt reduction, investment for long-term growth and return of excess capital to shareholders.

The transaction is expected to be finalised in the second half of 2021.