Aviva has agreed to sell its French insurance unit for €3.2 billion to Macif’s Aéma Groupe.
The sale of Aviva France will allow the insurance firm to focus on its strongest businesses in Ireland, the UK and Canada, according to a statement today from Aviva.
Aviva CEO Amanda Blanc said: “The sale of Aviva France is a very significant milestone in the delivery of our strategy.
“It is an excellent outcome for shareholders, customers, employees and distributors. The transaction will increase Aviva’s financial strength, remove significant volatility and bring real focus to the Group.”
Aviva France has no involvement in motor insurance, which makes up a large portion of premiums here in Ireland and the UK.
According to the statement, the French deal will also increase Aviva’s capital and cash reserves.