Aviva to Sell Stake in Italian Insurer Eurovita

RNS Number : 2250T

Aviva PLC

18 November 2013

 

18 November, 2013

AVIVA TO SELL STAKE IN ITALIAN INSURER EUROVITA

Aviva plc ("Aviva") announces today that it has reached a conditional agreement to sell its entire 39% stake in Eurovita Assicurazioni S.p.A. ("Eurovita") to JC Flowers ("JCF")¹ for a total consideration of €33m, payable in cash. Proceeds will be used for general corporate purposes.The sale is subject to approval by IVASS, the Italian insurance regulator. 
 

If approved, the transaction would increase Aviva's economic capital surplus by £0.1bn and will have no impact on Aviva's IFRS net assets. The agreement represents further progress in Aviva's strategy to focus our Italian business on more profitable, capital efficient products.

Eurovita is an Italian life insurer which distributes guaranteed savings products through a network of local and regional Italian banks. Eurovita contributed £6m to Aviva's IFRS profit after minorities in the first half of 2013. Eurovita had ca. £3bn IFRS total assets at 30 June 2013.

Eurovita is majority owned by Aviva and Banco Popolare. Banco Popolare has agreed to sell its entire stake in Eurovita to JCF.

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Enquiries:

Media

Andrew Reid                          [phone]

Yasmin Saleh                        [phone]

Analysts

Colin Simpson                       [phone]

David Elliot                             [phone]

About Aviva Italy

·     Following the disposal of its stake in Eurovita, Aviva continues to provide life and general insurance products to over 2.5 million customers in Italy, through bancassurance partnerships with leading banking groups including Banco Popoplare, UBI Banca and Unicredito, as well as a network of agents and leading financial advisors, such as Credem, Fineco and UBI BPI.

About Aviva

·     Aviva provides 34 million customers with insurance, savings and investment products

·     We are the UK's largest insurer and one of Europe's leading providers of life and general insurance

·     We combine strong life insurance, general insurance and asset management businesses under one powerful brand

·     We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work

·     The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive

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¹ JCF III Europe Sarl, an affiliate of private investment funds managed by J.C. Flowers & Co LLC

 

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