Aviva sells Italian businesses
Aviva has exited its Italian businesses in a pair of deals totaling €873 million. Aviva’s Life insurance business was sold to Allianz for €543 million, and Aviva’s General insurance business was sold to CNP Assurances for €330 million.
“Since I announced our new strategy in August last year, we have announced seven divestments that will generate over £5bn of cash proceeds. This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada. The sale of our Italian operations to high-quality buyers is a positive outcome for our customers, employees, distributors and shareholders. We promised that we would deliver quickly and we are. Our work to improve Aviva for the benefit of our shareholders continues.” – Amanda Blanc, CEO of Aviva.
As a result of this transaction, the market share of Allianz in the Italian non-life market is expected to grow by approximately 1 percentage point, consolidating its position as the third player in the non-life insurance market in Italy. Close to 500 agents and related Aviva Italy’s employees will join Allianz.
“The acquisition of Aviva Italia SpA is part of our development strategy in the insurance market, based on a solid technological platform and on continuous investments to offer customers and agents services and products of exceptional quality. The integration experience of the Milano Assicurazioni and SASA Agents, which began in 2014, confirms that from every new experience we learn and grow a lot, all together, agents, agency staff and employees of the Company.” – Giacomo Campora, CEO of Allianz SpA.
In comparison, CNP Assurances will see its market share double in Italy, and, according to the press release, the transaction will strengthen its partnership with CNP Assurances and UniCredit, which holds a 49% stake in Aviva’s life business. Here too, employees of Aviva’s life units will transfer with the business.
“We are very pleased to be announcing this transaction which will strengthen our presence in Italy, the Group’s second-largest European market. Thanks to the open model developed with leading partners and to the innovative products offered by the two life insurance companies acquired, this transaction will expand our distribution base in Italy, especially in the wealth management segment, as this has been achieved in France. This operation is in line with La Banque Postale’s Strategic Plan.” – Antoine Lissowski, CEO of CNP Assurances.