Aviva to Sell Stake in Italian Insurer Eurovita
LONDON, UNITED KINGDOM -- (Marketwired) -- 11/18/13 -- *T
18 November, 2013
AVIVA TO SELL STAKE IN ITALIAN INSURER EUROVITA
Aviva plc ("Aviva") announces today that it has reached a conditional
agreement to sell its entire 39% stake in Eurovita Assicurazioni S.p.A.
("Eurovita") to JC Flowers ("JCF")(1) for a total consideration of EUR33m,
payable in cash. Proceeds will be used for general corporate
purposes.The sale is subject to approval by IVASS, the Italian
If approved, the transaction would increase Aviva's economic capital
surplus by GBP0.1bn and will have no impact on Aviva's IFRS net assets.
The agreement represents further progress in Aviva's strategy to focus
our Italian business on more profitable, capital efficient products.
Eurovita is an Italian life insurer which distributes guaranteed
savings products through a network of local and regional Italian banks.
Eurovita contributed GBP6m to Aviva's IFRS profit after minorities in
the first half of 2013. Eurovita had ca. GBP3bn IFRS total assets at 30
Eurovita is majority owned by Aviva and Banco Popolare. Banco Popolare
has agreed to sell its entire stake in Eurovita to JCF.
Andrew Reid +44 (0)20 7662 3131
Yasmin Saleh +44 (0)20 7662 8710
Colin Simpson +44 (0)20 7662 8115
David Elliot +44 (0)20 7662 8048
About Aviva Italy
* Following the disposal of its stake in Eurovita, Aviva continues
to provide life and general insurance products to over 2.5 million
customers in Italy, through bancassurance partnerships with leading
banking groups including Banco Popoplare, UBI Banca and Unicredito,
as well as a network of agents and leading financial advisors, such
as Credem, Fineco and UBI BPI.
* Aviva provides 34 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 an interactive introduction to what we do and how we do it,
please click here
* For broadcast-standard video, please visit http://www.aviva.com/
* Follow us on twitter: www.twitter.com/avivaplc
(1) JCF III Europe Sarl, an affiliate of private investment funds managed
by J.C. Flowers & Co LLC
This information is provided by RNS
The company news service from the London Stock Exchange
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