Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Aviva, Banco Popolare Sell Eurovita Stake for $64 Million

Don't Miss Out —
Follow us on:

Nov. 18 (Bloomberg) -- Aviva Plc and Banco Popolare SC agreed to sell their 79.6 percent stake in Italian life insurer Eurovita Assicurazioni SpA to JC Flowers & Co. for 47 million euros ($64 million).

Aviva sold its 39 percent stake to the private-equity firm for 33 million euros in cash, it said in a statement today. Banco Popolare sold 2.1 percent for about 1.2 million euros, according to a separate statement. Finoa, a joint venture of the two companies, sold the rest and will be dissolved once the transaction comes into effect, Banco Popolare said.

Aviva Chief Executive Officer Mark Wilson is seeking to appease investors by selling assets and cutting costs to rebuild capital depleted by the financial crisis and shrink a 5.1 billion-pound ($8.2 billion) internal loan. The U.K.’s second-largest insurer by market value said the sale will boost its capital surplus by 100 million pounds as it plans to focus on “more profitable, capital efficient products.”

Eurovita had about 3 billion pounds ($4.8 billion) of assets at the end of June, London-based Aviva said.

Aviva shares closed at 433 pence in London, down 0.4 percent on the day, while Banco Popolare jumped 6.1 percent to 1.37 euros in Milan.

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.