Aviva completes sale of Italian JV to Banco BPM

RNS Number : 4670J

Aviva PLC

29 March 2018

 

29 March 2018

Aviva completes sale of Italian JV to Banco BPM

Aviva has completed the disposal of its entire shareholding in its joint venture in Italy, Avipop Assicrurazioni S.p.A.[1] ("the JV"), which includes its wholly owned subsidiary Avipop Vita S.p.A., to Banco BPM S.p.A ("Banco BPM") for a total consideration of €268m (£236m[2]). Aviva originally announced the sale on 29 September 2017.

Aviva's other Italian operations are unaffected by this transaction. Aviva Italy today is a top 10 insurance group benefitting from well-diversified distribution including partnerships with UBI Banca, Unicredit, Fineco, Banca Popolare di Bari, a strong and growing franchise with IFAs and a distribution network of over 500 tied agents.

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Enquiries:

Media:

Yasmin Saleh                                                                                                     [phone]

Analysts:

Chris Esson                                                                                                        [phone]

Diane Michelberger                                                                                             [phone]

Notes to editors:

·     Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.

·     In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.  

·     Aviva's asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £350 billion in assets. Total group assets under management at Aviva group are £490 billion.

·     Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.6 billion in benefits and claims in 2017.

·     By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.

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[1] The transaction involves the disposal of a controlling shareholding in the JV, Aviva's holding is 50% plus one additional share

[2] Total consideration includes closing adjustments of €2.9m. Exchange rate of €1/£0.88 based on prevailing rate on 27 March 2018

 

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