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Aviva To Sell Its Entire 80% Shareholding In Aviva Vita S.p.A.

Aviva plc (AV.L,AV), on Monday, said it agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A., to its partner UBI Banca.

Upon completion, Aviva would receive about €400 million in cash consideration. The company noted that the transaction would increase Aviva's net asset value as at June 30, 2020 by £0.12 billion, strengthen Aviva's Solvency II capital surplus by £0.22 billion and increase its Solvency II coverage ratio on a shareholder basis by about 4 percentage points. In 2019, Aviva Vita's IFRS profit after tax was £523 million and it did not pay a dividend. The gross assets of Aviva Vita were £16.32 billion as at June 30, 2020.

Aviva would use the proceed to further strengthen its central liquidity. Further, the proceed would be considered as part of Aviva's broader capital management and debt reduction objectives.

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