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Aviva Announces Sale Of Remaining Italian Life And General Insurance Businesses For €873 Mln In Cash

Aviva plc (AV.L,AV), on Thursday, announced the sale of its remaining Italian Life and General Insurance businesses for €873 million in cash. This values the businesses at €1.2 billion including Unicredit Group's 49% shareholding in Aviva S.p.A.

Amanda Blanc, Chief Executive Officer of Aviva, said, "Since I announced our new strategy in August last year, we have announced seven divestments that will generate over £5bn of cash proceeds. This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada."

The estimated financial impact of the transactions on Aviva as at 31 December 2020, is the increase of Solvency II capital surplus by about £0.2 billion and Solvency II cover ratio by about 7 percentage points, the increase of excess capital above 180% Solvency II cover ratio by about £0.7 billion, and the increase in IFRS net asset value of about £0.2 billion

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