Company Announcements

1 April 2021

Aviva completes sale of its entire shareholding in Aviva Vita

Aviva plc ("Aviva") today announces that it has completed the sale of its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A. ("Aviva Vita"), to its partner UBI Banca.

Aviva received €453m (£386m¹) in cash consideration, which includes €40m received for the replacement of a subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva Vita.

The sale of Aviva's shareholding in Aviva Vita was announced on 23 November 2020.

The previously announced sales of Aviva's remaining Italian Life² insurance business and general insurance³ business are on track to complete in the second half of 2021.

Notes:

1.        Using 31 March 2021 GBP/EUR FX spot rate of £1/€1.17

2.        Primarily comprises 51% shareholding in Aviva S.p.A. and 100% shareholding in Aviva Life S.p.A.

3.        Comprises Aviva Italia S.p.A.

-ends-

Enquiries:

Media:

Andrew Reid                                                                                                     +44 (0)7800 694 276

Sarah Swailes                                                                                                    +44 (0)7800 694 859

Analysts:

Jakub Rosochowski                                                                                       +44 (0)7385 382 206

Notes to editors:

·    For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/  

·    We exist to be with people when it really matters, throughout their lives - to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being 'with you today, for a better tomorrow'.

·    In 2020, we paid £30.6 billion in claims and benefits to our customers.

·    Aviva is invested in our people, our customers, our communities and our planet. In 2021, we announced our plan to become a Net Zero carbon emissions company by 2040, the most demanding target of any major insurance company in the world. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Aviva has been leading this agenda for decades: Aviva was the first international insurer to go operationally carbon neutral in 2006 and we are champions of renewable energy and energy storage at our offices, allowing us to achieve our 2030 carbon reduction target (70% reduction on 2010 levels) 10 years early. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition at www.aviva.com/sustainability.

·    Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/social-purpose  

·    We are focused on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our international businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.

·    Total group assets under management at Aviva group are £535 billion and our Solvency II capital surplus is £13.0 billion (FY20). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.

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