Aviva has completed the sale of a 50 per cent shareholding in life and pension joint ventures in Spain, a month after exiting an Italian joint venture.
Aviva has sold its stake in Unicorp Vida and Caja España Vida, as well as its retail life insurance business Aviva Vida y Pensiones, to Santalucía.
Total consideration for the sale is €475m. Aviva announced the sale in May.
In Spain, Aviva continues to hold shareholdings in life insurance joint ventures with Caja Granada and Cajamurcia, both part of Banco Mare Nostrum, and Pelayo Group.
In August, Aviva sold its 50 per cent stake in Italian joint venture Avipop Assicurazioni and wholly owned subsidiary Avipop Vita to Banco BPM.