UK Insurer Aviva Exits Italy With $1.1 Bn Sale

London, March 4 (UrduPoint / Pakistan Point News - 4th Mar, 2021 ) :Aviva on Thursday announced the sale of its Italian unit for 873 million Euros ($1.05 billion) as the British insurance giant focuses on key markets under new chief executive Amanda Blanc.

The company said in a statement that it has sold Aviva Italy's life insurance business to French peer CNP Assurances for 543 million euros, and the general insurance unit to German rival Allianz for 330 million euros.

Under Blanc, who became CEO in July, Aviva is streamlining activities to focus on its key markets of Britain, Canada and Ireland.

Including the Italian sale, she has disposed of seven businesses, raising more than �5.

0 billion ($7.0 billion, 5.8 billion euros).

"Aviva's transformation to focus on its strongest businesses continues with the sale of its remaining Italian life and general insurance businesses," it said in Thursday's statement.

Blanc added that the Italian sale "to high quality buyers is a positive outcome for our customers, employees, distributors and shareholders".

Earlier this week, Aviva became the latest large company to declare its long-term ambition to achieve net zero carbon emissions.

The group plans to become net zero by 2040, a decade ahead of the British government's overall target, and will divest from companies that do not meet its environmental standards.