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Aviva to Sell Stake in Italian Insurer Eurovita


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 insurance regulator.

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 June 2013.

Eurovita is majority owned by Aviva and Banco Popolare. Banco Popolare has agreed to sell its entire stake in Eurovita to JCF.

-ends- Enquiries:

Media

Andrew Reid +44 (0)20 7662 3131 Yasmin Saleh +44 (0)20 7662 8710

Analysts

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.

About Aviva

* Aviva provides 34 million customers with insurance, savings and

investment products

* 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 http://www.aviva.com/library/reports/this-is-aviva-2013/

* For broadcast-standard video, please visit http://www.aviva.com/

media/video/

* 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

END


 
 
 
Contacts:
RNS
Customer
Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com

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