Aviva plc has announced that it has completed its exit from the Spanish life and pensions marketplace with the sale of of joint venture operations in the region.
The UK-headquartered life and pensions giant said in a statement that it has completed the sale of its entire shareholding in life insurance and pensions joint ventures, Cajamurcia Vida and Caja Granada Vida, to Bankia.
The final consideration of the transaction is €203 million (£179m). This follows the previous announcement of the sale by Aviva , as reported, on 23 February 2018.
In its short statement, Aviva has also agreed the sale of its 50% shareholding in Spanish life insurance operation, Pelayo Vida, to Santalucía. The transaction is subject to regulatory and anti-trust approvals and is expected to be completed in the fourth quarter of 2018.
“This transaction completes Aviva’s withdrawal from the [Spanish] market,” the statement concluded.