Aviva completes sale of its entire shareholding in Aviva Vita

Aviva

Authored by Aviva

Aviva plc has announced that it has completed the sale of its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A., to its partner UBI Banca.

Aviva received €453m (£386m) in cash consideration, which includes €40m received for the replacement of a subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva Vita.

The sale of Aviva’s shareholding in Aviva Vita was announced on 23 November 2020.

The previously announced sales of Aviva’s remaining Italian Life insurance business and general insurance business are on track to complete in the second half of 2021.

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