Aviva completes €0.5bn Spanish divestment
UK-based Aviva said that it has completed the sale of its 50 percent shareholding in life insurance and pension joint ventures Unicorp Vida and Caja España Vida, as well as its retail life insurance business Aviva Vida y Pensiones, to Santalucía Compañía de Seguros y Reaseguros.
The total consideration of the transaction is €475 million (£424 million). This follows the announcement of the sale by Aviva on May 10, 2017.
Unicorp Vida Compañía de Seguros y Reaseguros is a 50-50 joint venture with Unicaja Banco. Caja España Vida Sociedad de Seguros y Reaseguros is a 50-50 joint venture with Caja España, now part of Banco Ceiss,
In Spain, Aviva continues to hold shareholdings in life insurance joint ventures with Caja Granada and Cajamurcia, both part of Banco Mare Nostrum, and Pelayo Group.
Aviva provides life insurance, general insurance, health insurance and asset management services to 33 million customers, across 16 markets worldwide.
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Today’s top stories:
RSA France poaches CEO of AXA Corporate Solutions UK
IUMI president predicts shake-up in marine underwriting
Hiscox estimates Harvey impact
China’s internet-only ZhongAn to expand into life and healthcare
Global marine premiums fall another 9% YOY
Ascent introduces cyber policy nil deductible for SMEs
Twelve Capital hires Barbican executive
