Aviva has offloaded its stakes in three joint ventures in Spain as it continues to focus on more profitable markets and simplify its operations.
The insurance giant sold for €475 million (£403 million) its 50% shareholdings in life insurance and pension joint ventures Unicorp Vida and Caja España Vida, as well as its retail life insurance business Aviva Vida y Pensiones, all to Santalucía.
According to Aviva, the deal is part of a strategic review of its Spanish operations. It is also in line with its strategy of allocating capital to markets where it can deliver higher returns.
“This is a strong outcome for Aviva,” said CEO Mark Wilson. “The consideration of €475 million is an attractive valuation and the sale further simplifies the Group.”
“It highlights our absolute focus on allocating capital effectively across the group and further strengthens our capital and liquidity position,” Wilson added.
