Aviva announced that it is withdrawing from another market.
After France and Turkey, it is now Italy’s turn. Aviva reports that it has sold its activities to two insurance groups. CNP Assurances and Allianz will thus divide up the insurer's activities on the Italian peninsula. The deal will grant Aviva 873 million pounds sterling, or just over $1.5 billion.
Since CEO Amanda Blanc took the helm in August, this is the seventh market from which Aviva is divesting. The deals have collectively brought £5 billion, or $8.8 billion, into Aviva's coffers.
“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,” Blanc says.