Aviva is selling its remaining 19.4 per cent stake in financial services provider Delta Lloyd.
The insurer says the move is consistent with its strategy of narrowing its focus to fewer areas and building financial strength.
It says the move will increase the firm’s liquidity and strengthen its balance sheet.
The 34.3m shares Aviva owns will be sold through a private placement to qualified institutional investors. The shares are expected to sell at €12.65 each raising £353m in gross cash proceeds for Aviva.
The Amsterdam-based Delta Lloyd provides insurance, investment, pensions and banking to consumers, small firms and pension funds.
Aviva chief executive officer Mark Wilson says: “This sale will be a good start to 2013 and supports our strategy to narrow focus and make Aviva a more nimble and athletic organisation.
“It will further increase Aviva’s cash and capital position and is consistent with our focus on businesses where we can earn higher returns.”