Sale will increase capital surplus by £0.1bn

Aviva has sold its 39% stake in Italian life insurer Eurovita Assicurazioni to JC Flowers for €33m (£27.6m) cash.

Aviva said the sale marked progress on its strategy to focus its Italian on business “on more profitable, capital efficient products”.

The sale will increase Aviva’s economic capital surplus by £0.1bn and have no impact on its net assets. Aviva said it would use the cash for “general corporate purposes”.

Eurovita distributes guaranteed savings products through a network of local and regional Italian banks.

The sale is subject to approval by the Italian insurance regulator, IVASS.

Aviva will continue to provide life and general insurance products in Italy through national banks and independent financial advisers.

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