Aviva Announces Sale of Russian Business
LONDON -- (Marketwire) -- 02/27/13 -- *T
27 February, 2013
AVIVA ANNOUNCES SALE OF RUSSIAN LIFE AND PENSIONS OPERATIONS
Aviva plc ("Aviva") today announces the sale of Aviva Russia to
Blagosostoyanie, a non-state pension fund in Russia, for a
consideration of EUR35 million. The consideration is payable in cash and
represents a modest premium to IFRS book value. This transaction is
consistent with Aviva's strategy to narrow the Group's focus to
businesses and markets where Aviva has leadership positions.
The transaction, which is subject to the approval of the Federal
Antimonopoly Service of the Russian Federation, is expected to complete
in the first half of 2013.
Mark Wilson, Chief Executive Officer of Aviva plc, said:"We are pleased to
have agreed the sale of our life and pensions
operations in Russia to Blagosostoyanie. This transaction builds on the
progress we have made to narrow Aviva's focus."
Nigel Prideaux +44 (0)20 7662 0215
Andrew Reid +44 (0)20 7662 3131
Charles Barrows +44 (0)20 7662 8115
David Elliot +44 (0)20 7662 8048
Notes to editors:
* Aviva provides 43 million customers with insurance, savings and
* We are the UK's largest insurer and one of Europe's leading
providers of life and general insurance.
* We combine strong life insurance, general insurance and asset
management businesses under one powerful brand.
* We are committed to serving our customers well in order to build
a stronger, sustainable business, which makes a positive contribution
to society, and for which our people are proud to work.
* The Aviva media centre at www.aviva.com/media includes images,
company and product information and a news release archive.
* For broadcast-standard video, please visit http://www.aviva.com/media/video/.
* Follow us on twitter: www.twitter.com/avivaplc.
About Aviva in Russia
* Aviva Russia was established in 2005 focused on the life and
* Headquartered in Moscow, Blagosostoyanie has been operating in
Russia for over 17 years and is currently one of the largest non-state
pension funds in the country.
* Blagosostoyanie's core activities include non-state pension
coverage and compulsory pension insurance. Blagosostoyanie's mission is
to assist its clients in maintaining financial independence after
retirement through pension savings management.
* As of September 2012, Blagosostoyanie's total assets are
approximately EUR6.5 billion, including approximately EUR4.2 billion of
pension reserves and EUR1.9 billion of pension savings. Blagosostoyanie
serves over 2.8 million individual customers.
This information is provided by RNS
The company news service from the London Stock Exchange
Press spacebar to pause and continue. Press esc to stop.