Norwich-based insurance giant Aviva is to reduce its presence in eastern Europe as it continues with its strategy of focusing on markets where it has strength and scale.
The company is to sell Aviva Czech Life, Aviva Hungary Life and Aviva Romania Life & Pensions to US life assurance firm MetLife.
The multiple sale, which is subject to regulatory approvals in each jurisdiction, is expected to be completed during 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The combined net assets of the businesses were approximately €57m at June 30th 2011.
Group Chief Executive Andrew Moss said: "This transaction is another step to further focus the group on our priority markets."
The share price fell 2.86% to 345.9p by 12:36.
NR
-
Which UK region has the most in savings? Average savings by areaThe amount people have in their savings differs from region to region in the UK. How does your nest egg compare to those living nearby?
-
Doug and Mary Perkins: Specsavers’ clear-sighted foundersHelped by the deregulation of the sector in the 1980s and brilliant advertising, Mary Perkins and her husband Doug have taken Specsavers to the top of the optometry market
