Aviva takes "major" step to refocus on UK with €3.2bn sale of French arm

A UK insurance company has announced that its strategic transformation has taken a “major” step forward with the sale of its French business.

Aviva, which is headquartered in London, has completed a €3.2bn deal for Aéma Groupe’s acquisition of Aviva France.

This comes as the multinational company refocuses on the UK, Ireland and Canada.

The deal increases Aviva’s excess capital by approximately £2.1bn and centre cash by around £2.8bn.

Amanda Blanc, CEO of Aviva, commented: “The sale of Aviva France is a very significant milestone in the delivery of our strategy.

“It is an excellent outcome for shareholders, customers, employees and distributors.

“The transaction will increase Aviva’s financial strength, remove significant volatility and bring real focus to the group.

“Aéma Groupe has a strong heritage in the French insurance industry and this transaction will propel it to a top five position in the French market.

“I am confident Aéma Groupe will be an excellent owner of Aviva France.”