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Aviva exits Italian market with $1.1bn Allianz, CNP deal
05-03-2021
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26-02-2021
Global insurer Aviva has exited from the Italian market through a pair of deals with Allianz and CNP Assurances totaling €873 million ($1.1 million) in a bid to focus on its core businesses in the UK, Ireland and Canada.
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LONDON (dpa-AFX) - Aviva PLC (AV.L, AV) reported IFRS profit for fiscal 2020 of 2.91 billion pounds, up 9% from prior year. Basic earnings per share was 70.2 pence compared to 63.8 pence. Core
Aviva exits Italy as profit remains stable despite Covid-19 yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Aviva has departed the Italian insurance market with a £750million sell-off in its latest divestment aimed at enhancing its balance sheet and refocusing operations on its core markets.
The insurer said it had offloaded its Italian life insurance wing to CNP Assurances for €543million and had received €330million for its general insurance business from German financial services giant Allianz.
It added that the sale s proceeds will go towards investment and paying down debts, while shareholders will receive excess capital. The deal is now subject to regulatory approval, which Aviva expects to be accpeted in the latter half of this year.