AVIVA BUYS OUT MINORITY INTER

RNS Number : 9445V

Aviva PLC

10 November 2010

 



10^th November 2010

AVIVA BUYS OUT MINORITY INTEREST IN SOCIÉTÉ D'EPARGNE VIAGÈRE

Aviva plc ("Aviva") announces today that it has exercised its option to buy out the stakes held by the minority shareholders of Société d'Epargne Viagère ("SEV"), a French life insurance company in which Aviva already has an 83.7% equity stake. SEV is the joint underwriter of AFER life insurance products in France alongside Aviva Vie, a wholly owned subsidiary of Aviva.

Aviva has purchased 16.3% of the total shares in SEV from the minority shareholders for a cash consideration of €121.5m.

Aviva has a well established partnership with AFER, the largest savings association in France, to provide its half a million members with life insurance products. In the first half of 2010 sales through Aviva's partnership with AFER increased by 39% on a local currency basis to €1,863 million compared to the same period in 2009.

Enquiries:

Analysts

Charles Barrows, investor relations director                          [phone]

Jane Gillis, head of investor relations                                     [phone]

Media

Andrew Reid, head of group media relations                         [phone]

Notes to editors:

·      Aviva is the world's sixth largest* insurance group, serving 53 million customers across UK, Europe, North America and Asia Pacific.

·      Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion at 31 December 2009. 

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

·      For broadcast-standard video, please visit www.aviva.com/media/video/  

·      Follow us on twitter: www.twitter.com/avivaplc  

* based on gross worldwide premiums at 31 December 2009

 

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