Aviva today announced it will sell two of its Italian businesses to the country's third largest lender Banco BPM.
The insurance giant will sell its 50 per cent interest in a joint venture Avipop Assicurazioni and wholly-owned subsidiary Avipop Vita.
The chief executive of Aviva's international insurance business, Maurice Tulloch, said the sale "will allow us to invest further in our future growth".
The value of the sale is yet to be finalised, Aviva said, and will be released "in due course".
The move ends a bancassurance tie-up between the British insurer and the Italian bank. It contrasts with a recent agreement in the UK where Aviva extended an agreement to sell insurance products through HSBC for another 10 years.
Despite exiting the partnership with BPM, Tulloch insisted the insurer – the seventh largest in Italy – had "momentum" in the country.
He added: "We are now in a good position to grow our business further, with our partners and through digital.”
Aviva said its joint ventures with Unicredit and UBI as well as other Italian operations will be unaffected by today's news.