Aviva has sold its entire its entire shareholding in Aviva Poland to Allianz for a cash consideration of €2.5bn, valuing the acquired business at €2.7bn.
It said the focus would now be on its strongest businesses in the UK, Ireland and Canada where it perceives it has leading market positions and strong growth potential.
The sale of Aviva Poland is the eighth transaction Aviva has announced in the past eight months, having most recently sold in February its Aviva France business to Aéma Groupe for €3.2bn in cash.
The sale of our eight non-core businesses will generate total cash proceeds of £7.5bn."
The exit from Poland concludes the planned refocus of the Group's portfolio.
Amanda Blanc, CEO of Aviva, said: "The sale of our Polish business is an excellent conclusion to the refocusing of our portfolio announced just eight months ago. The sale of our eight non-core businesses will generate total cash proceeds of £7.5bn.
"We have made significant progress with our debt reduction plan and in due course we will make a substantial return of capital to shareholders. Our focus is now on our strongest businesses in the UK, Ireland and Canada where we have leading market positions and strong growth potential."
Aviva said there will be no impact on customers' policies as a result of this announcement, and the management and employees of Aviva Poland will transfer with the business.
The transaction is subject to customary closing conditions, including regulatory and anti-trust approvals, and is expected to complete within 12 months.
In 2020, Aviva Poland's IFRS profit after tax was £130m.