Life operations sold to MetLife

prague town hall czech republic

Aviva this morning said it has completed the sale of its Czech, Hungarian and Romanian business to US life assurance firm MetLife.

The insurer added that the sale of its Romanian pensions business was expected to go through later this year subject to regulatory approval.

“This transaction is consistent with Aviva’s strategy to focus on fewer business segments, where it can produce attractive returns,” Aviva said in a statement.

Under former chief executive Andrew Moss, Aviva said in January it would reduce its presence in eastern Europe as it continues to focus on markets where it has strength and scale.

At the time Aviva said the combined net assets of the three businesses weas around €57m at mid-2011.