AVIVA has sold off its stake in Italian life insurance group Eurovita as part of an overhaul of the business.
The firm will net €33m (£27.7m) by selling its 39 per cent holding in Eurovita to JC Flowers. Its partner Banco Popolare, which owns the rest, is also selling out to the private equity firm.
“The agreement represents further progress in Aviva's strategy to focus our Italian business on more profitable, capital efficient products,” the company said in a statement yesterday.
Eurovita contributed £6m to Aviva’s profits in the first half of the year, and had around £3bn of assets at the end of June. Chief executive Mark Wilson and chairman John McFarlane have been disposing of assets for more than a year, including the £1.6bn sale of its US business, to try to streamline the firm.