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Aviva sells out of Spanish business in pivot away from Europe

Euro-flag-European-EU-700.jpgAviva has sold the rest of its Spanish businesses as it continues to pivot back towards the UK market.

Aviva began disposing all of its Spanish life and pension businesses last September, following on from the sale of its Italian joint venture and offshore Friends Provident International businesses earlier in 2017.

Since 2009, it has also got rid of its US life arm and Australian life and wrap business.

Its final Spanish life insurance and pensions joint ventures, Cajamurcia Vida and Caja Granada Vida, have now been sold to Spanish bank Bankia for €202 million (£178 million).

Aviva group chief executive Mark Wilson says: “This sale is a strong return for our shareholders. It means that over the past five years we have generated proceeds of £1.3 billion from selling almost all of our Spanish operations. The transaction further simplifies Aviva, strengthens our already healthy capital position and is another example of our focus on attractive, growing markets where we have high quality franchises.“

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