Aviva approves sale of its French Business for €3.2 billion
Aviva’s strategic transformation to focus on its strongest businesses in the UK, Ireland and Canada has taken a major step forward with the sale1 of Aviva France to Aéma Groupe for €3.2bn in cash.
Key highlights:
- Significantly strengthens Aviva’s capital and liquidity with an increase in excess capital3 of c. £2.1bn and centre cash3 of c. £2.8bn
- Realises significant value for shareholders: all cash consideration at 0.8x Solvency II own funds4
- Provides security to employees and continuity of service to customers under new ownership
Amanda Blanc, Chief Executive Officer of Aviva, said:
“The sale of Aviva France is a very significant milestone in the delivery of our strategy. It is an excellent outcome for shareholders, customers, employees and distributors. The transaction will increase Aviva’s financial strength, remove significant volatility and bring real focus to the Group.
Aéma Groupe has a strong heritage in the French insurance industry and this transaction will propel it to a top 5 position in the French market. I am confident Aéma Groupe will be an excellent owner of Aviva France.”
To read the full Aviva press statement CLICK HERE
Authored by Aviva
About Aviva
Aviva Insurance Limited is one of the UK’s leading insurance companies, part of the Aviva group with 34 million customers Worldwide. Aviva Insurance has been in the insurance business for more than 300 years.
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