30 September 2021
Aviva completes sale of Aviva France for £2.8 billion1
Aviva plc ("Aviva") today announces the completion of the sale of its French business to Aéma Groupe and has received £2.8- billion2 (€3.2 billion) in cash consideration. The transaction was announced on 23 February 2021.
Amanda Blanc, Group Chief Executive Officer, said:
"This is a very significant step forward for Aviva. It greatly simplifies the company as we focus on our core businesses in the UK, Ireland and Canada.
"I am confident that Aéma, with its strong insurance heritage and reputation, will be an excellent owner of Aviva France. I wish the business and all its people every success for the future."
1. The consideration includes £0.9bn in respect of Aviva France's intra-group debt
2. Using FX rate of £1/€1.16 which allows for the impact of currency hedging
Andrew Reid +44 (0)7800 694 276
Sarah Swailes +44 (0)7800 694 859
Rupert Taylor Rea +44 (0)7385 494 440
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. 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 first major insurance company in the world to do so. 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. 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. We also have strategic investments in Singapore, China and India.
· At 30 June 2021, total Group assets under management at Aviva Group are £522 billion and our Solvency II shareholder capital surplus is £12 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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