Aviva leaves Italy with the sale and sale of the Life and Non-Life business: the Life business is sold to Cnp Assurances for 543 million, the Non-Life business to Allianz for 330 million. Aviva is the sixth largest insurance company in the world and the UK’s leading non-life, life and pension insurance company. The farewell to Italy is therefore not good news for consumers, because it eliminates a competitive competitor in the market, reducing the possibility of choice and mitigating the pressure on prices. But the decision is also a bad sign for the country, which is abandoned for the benefit of Great Britain, Ireland and Canada, where Aviva has decided to strengthen. Perhaps another effect of Brexit, which makes it more expensive for British groups to operate in the European Union.
The total value of the transaction of 873 million euros, but considering the stake held by Unicredit, the value of the assets rises to 1.2 billion. The sales, which are subject to the approval of the Regulatory Body and the Anti-Trust, will be finalized in the second half of the year. In total, the transactions represent a multiple of 0.8x of the Solvency II own funds3 and 1.5x of the net asset value3 as of December 31, 2020, explains the group. The acquisition of Aviva Italia – comments the managing director Giacomo Campora – is part of our development strategy in the insurance market, based on a solid technological platform and continuous investments to offer customers and agents services and products of exceptional quality. The experience of integration of the agents of Milano Assicurazioni and Sasa, which began in 2014, – concludes the manager of Allianz Italia – confirms that from every new experience you learn and grow a lot, all together, agents, agency staff and employees of the company .
Combined with the expected proceeds from the sale of the shares of Aviva Vita to Ubi Banca, Aviva will generate approximately 1.3 billion in cash from the overall sale of the Italian business. Since the announcement of the new strategy in August last year, we have reported 7 divestments which will generate over £ 5 billion in profits. This rapid advancement allows us to focus on transforming and growing our strongest businesses in the UK, Ireland and Canada, comments Amanda Blanc, CEO of Aviva. The sale of the Italian assets to high level buyers is a good result for our customers, employees and distributors. We promised to act fast and we are doing it. We will continue to work to improve Aviva’s business for the benefit of our shareholders.