Aviva has agreed to sell its Polish arm to Allianz for a cash consideration of €2.5bn, which it said valued the acquired business at €2.7bn.
The pension provider and insurer said it will now focus on its business in the UK, Ireland and Canada.
This is Aviva’s eighth transaction in as many months. The giant has been selling off “non-core” business, in the process generating £7.5bn.
There will be no impact on customers as a result of the sale, Aviva said, and management and employees of Aviva Poland will transfer with the business.
Aviva CEO Amanda Blanc said: “The sale of our Polish business is an excellent conclusion to the refocusing of our portfolio announced just eight months ago.
“We have made significant progress with our debt reduction plan and in due course we will make a substantial return of capital to shareholders. Our strategic focus is now on our strongest businesses in the UK, Ireland and Canada where we have leading market positions and strong growth potential.”
The transaction is expected to complete in 12 months.