Aviva has sold off its interests in the Czech Republic, Hungary and Romania to MetLife in a €57m deal allowing Aviva to concentrate its focus on those markets where it has "strength and scale".
Aviva says that its chosen presence in Europe combines the large, developed economies of the UK, France, Spain, Ireland, Italy, and Poland with the emerging markets of Turkey and Russia, providing “strength and scale in some of the largest and most attractive insurance markets in the world.”
Completion for this transaction, which is subject to regulatory approvals in each jurisdiction, is hoped to be sometime this year. Group Chief Executive Andrew Moss, announcing the sell off, said, “We are pleased to have agreed the sale of our businesses in Czech Republic, Hungary and Romania to MetLife. This transaction is another step to further focus the group on our priority markets.”
The sale follows the company’s announcement that it was ending its United Arab Emirates partnership with National General Insurance Company (NGI) by mutual agreement last December. Earlier in the Autumn of 2011, the sale of Aviva Investors' Australian business was completed.
Buyer MetLife is a lglobal provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.
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