• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Life Insurance

Aviva to sell entire shareholding in Italian joint-venture

Aviva to sell entire shareholding in Italian joint-venture
  • Christopher Copper-Ind
  • @intlinvestment
  • 23 November 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Aviva today announced that it has agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita to its partner UBI Banca.

Aviva said the transaction represents "another important strategic milestone" as international insurer seeks to refocus its portfolio.

Related articles

  • Aviva completes sale of Italian JV to Banco BPM
  • Aviva approves sale of its French business for €3.2bn
  • Aviva says ciao to Italian insurance joint venture
  • Aviva exits Spain

Upon completion, Aviva will receive €400m in cash.

The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business."

In 2019, Aviva Vita's IFRS profit after tax was £523 million and it did not pay a dividend. The gross assets of Aviva Vita were £16.32bn as at 30 June 2020.

The proceeds will be used to further strengthen Aviva's central liquidity and will be considered as part of Aviva's broader capital management and debt reduction objectives.

Customers of Aviva Vita will continue to deal with the company as usual and there is no impact to customer policies as a result of this announcement, the firm said.

Aviva has three other operating insurance entities in Italy:

  • Aviva SpA, a 51% owned life insurance JV with UniCredit (2019 Solvency II Own Funds of €800m)
  • Aviva Life SpA, a 100% owned life insurance entity (2019 Solvency II Own Funds of €200m)
  • Aviva Italia SpA, a 100% owned general insurance entity (2019 Solvency II Own Funds of €200m)

Amanda Blanc, CEO of Aviva, said: "Our strategy is about focus and delivery. The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business."

"We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders."The transaction is subject to regulatory approval, and is expected to complete in the first half of 2021.

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Life Insurance
  • Aviva
  • Italy
  • Europe
  • Amanda Blanc

More on Life Insurance

UK life office CEO dies

  • Life Insurance
  • 08 April 2021
Aviva sells Polish arm to Allianz for €2.5bn

  • Life Insurance
  • 26 March 2021
Allianz Global and Manulife form alliance for Hong Kong MPF business

  • Life Insurance
  • 23 November 2020
Singapore Life seeks to expand across SE Asia following Aviva deal

  • Life Insurance
  • 21 September 2020
Singapore life insurance industry announces new covid-19 support

  • Life Insurance
  • 18 September 2020
Back to Top

Most read

First digital only bank in UAE set to go live
First digital only bank in UAE set to go live
Standard Chartered names Singapore heavy hitter for global role
Standard Chartered names Singapore heavy hitter for global role
UK regulator bans financial adviser for dishonesty
UK regulator bans financial adviser for dishonesty
Bitcoin hits record high on cusp of Coinbase IPO
Bitcoin hits record high on cusp of Coinbase IPO
DeVere UK and Fidelius enter strategic partnership
DeVere UK and Fidelius enter strategic partnership
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading