Aviva has agreed a deal to sell its 39 per cent stake in Italian insurer Eurovita Assicurazioni to private equity firm JC Flowers for a cash sum of €33m (£28m).
The deal is subject to approval from the Italian insurance regulator.
Aviva says it will be focusing on more capital efficient products in Italy and will allocate revenue from the sale to general corporate purposes.
Eurovita is majority owned by Aviva and Banco Popolare. Both have agreed to sell their entire stake in Eurovita to JC Flowers.
Eurovita is an Italian life insurer which distributes guaranteed savings products through a network of local and regional Italian banks. Eurovita contributed £6m to Aviva’s IFRS profit in the first half of 2013. Eurovita had around £3bn IFRS total assets as at 30 June.
Eurovita is majority owned by Aviva and Banco Popolare. Banco Popolare has agreed to sell its entire stake in Eurovita to JCF.