Aviva shifts eastern Europe businesses

Insurance giant Aviva said it had completed the sale of its Czech, Hungarian and Romanian business to US life assurance firm MetLife.

The firm 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," the company said in a statement.

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The Norwich-based insurance multinational said at the start of the year 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 businesses on the block were around €57m at mid-2011.