Aviva has sold its 50 per cent stake in Italian joint venture Avipop Assicurazioni and wholly owned subsidiary Avipop Vita to Banco BPM.
Aviva Italia Holding agreed the joint venture with the former Banco Popolare in 2007. The agreement included an option for Aviva to sell its stake to the bank if the distribution agreement ended.
In June, Banco BPM said it did not intend to renew its bancassurance agreement with Aviva.
Aviva’s joint ventures in Italy with UBI, UniCredit, as well as business units Aviva Life and Aviva Italia are unaffected.
Aviva Italy is the seventh largest life and general insurer in Italy.
Aviva International Insurance chief executive Maurice Tulloch says: “This transaction will realise value for Aviva shareholders and will allow us to invest further in our future growth. Aviva has momentum in Italy and I am confident about our prospects. We are now in a good position to grow our business further, with our partners and through digital.”