Aviva sells Spanish G.I. bus

Aviva PLC
8 July 2002



Aviva sells Spanish general insurance business

Aviva plc (Aviva) announces the sale of 100% of the share capital of its 
Spanish general insurance business, Plus Ultra Compania Anonima de Seguros 
y Reaseguros ('Plus Ultra General'), to Groupama for Euros 246 million 
in cash.

The net asset value of the business at 31 December 2001 was Euros 86 million 
and gross written premiums in 2001 were Euros 356 million.

The transaction is subject to regulatory approvals and is expected to complete
in the third quarter of 2002.

In addition to its substantial bancassurance operations, Aviva will continue 
to build its Spanish life insurance business through Plus Ultra Vida, 
encompassing a strong direct life sales force, brokers, life agents, a pension
unit and distribution agreements with affinity  groups.  As part of the sale, 
Plus Ultra Vida will cease to write new life business through Plus Ultra 
General's tied agent network, which generated total new business sales of  
Euros 14 million in 2001.

94% of Aviva's total Spanish new business sales of Euros 1.5 billion in 2001  
was derived from its bancassurance partnerships. These are unaffected by the  
sale of Plus Ultra General.


Enquiries:

Analysts / Investors:
James  Matthews, Head of Investor Relations         [phone]

Media:
Ian Frater, Head of Group Media Relations           [phone]
Alex Child-Villiers, Financial Dynamics             [phone]

Notes to editors:

*  On 1 July 2002, CGNU plc changed its name to Aviva plc.

*  Aviva is the UK's largest insurance group, one of the top-five life 
   insurers in Europe and has substantial positions in other markets around 
   the world. Aviva is the world's seventh-largest insurer based on worldwide 
   gross written premiums.

*  Aviva's principal business activities are long-term savings, fund
   management and general insurance, with worldwide premium income and retail 
   investment sales from ongoing business of more than £28 billion, and over 
   £200 billion of assets under management at 31 December 2001.


                      This information is provided by RNS
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