Feb 23, 2021

Aviva sells French unit for €3.2bn

Aviva is to sell its French business for €3.2bn as chief executive Amanda Blanc pushes ahead with her plan to slim down the sprawling insurance group. The insurer said on Tuesday it would sell its French business, which accounted for just over a tenth of the group's profits in 2019, to insurer Aéma Groupe for €3.2bn. The figure is in line with Citi analysts' valuation in November. Aéma Groupe was created this year through the merger of Macif and Aéseo, two mutual insurance companies. "The transaction will increase Aviva's financial strength, remove significant volatility and bring real focus to the group," she added. The sale does not form a complete break with the French business, however.

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