Aviva fully exits Italy to ‘radically’ simplify business

UK-based global insurer  Aviva has completely exited from the Italian market as part of a strategic transformation plan to “radically simplify” its portfolio and focus on its strongest businesses in the UK, Ireland and Canada.

The insurer has completed the sale of its Italian Life Insurance businesses to CNP Assurances for an exchange of £462 million (€543 million) in cash consideration.

It follows the completion of a similar deal with Allianz for Aviva’s general insurance business Aviva Italia, the Italian P/C entity including motor and non-motor business segments, for €330 million in cash.

The pair of deals with Allianz and CNP concludes Aviva’s exit from the Italian market.

Amanda Blanc (pictured), group chief executive officer of Aviva, said: “In the last 24 hours we have completed the sales of both Aviva Poland and our Italian life insurance business. These are major steps forward as we radically simplify Aviva. I have no doubt that both businesses will thrive under their excellent new owners and I wish them and all their people every future success.”

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