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Aviva Plc (LON: AV.) to sell entire stake in Aviva Vita to UBI Banca

1 min read | November 24, 2020 02:28 PM GMT | By Team Kalkine Media
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Aviva Plc (LON: AV.) has agreed to sell its whole 80 per cent stake in the Italian life insurance JV (joint venture) Aviva Vita to its minority partner UBI Banca for €400 million.

  • CEO Amanda Blanc has said that the sale of JV is an important step forward as the company reshapes its portfolio.
  • The insurance major has been focussing on its portfolio and shoring up its finances. This transaction will result in its net asset value increasing by £100 million.
  • Aviva had recently sold its Singapore business, while its other Italian businesses being evaluated include Aviva Italia and Aviva SpA.
  • On 24 November 2020, the stocks of the company traded higher by 2.96% from its previous closing, hovering at around GBX 334.20 at 13:29 PM GMT+1.

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