Aviva completes Italian business sale
By IAN Editorial Desk
News date: 5 November 2021·1 min read
Primary source: aviva.com
By IAN Editorial Desk Aviva has completed the sale of its Italian general insurance business to Allianz, with completion taking effect on 1 October 2021.
Aviva has completed the sale of its Italian general insurance business to Allianz, with completion taking effect on 1 October 2021. The group received £284m in cash consideration, equivalent to €330m.
The disposal sits alongside the sale of Aviva's remaining Italian life and general insurance businesses, agreed at €873m in cash. In total, the sale of its Italian insurance businesses is expected to realise over €1.3bn of cash for the group.
The completion turns Aviva's announced Italy exit into realised cash rather than agreed proceeds.
