British insurer Aviva to sell Italian joint venture to Banco BPM
(Reuters) — British insurer Aviva P.L.C. said it would sell its 50% stake in its joint venture in Italy, Avipop Assicurazioni and its Avipop Vita unit, to Italy's Banco BPM.
The joint venture, which distributes life and general insurance products in Italy, is owned by Aviva and Banco BPM.
Aviva's decision to sell the stake came after it received a notification in June of Banco BPM's intention not to renew its bancassurance agreement with the insurer, it said in a statement.
In 2016, the two businesses contributed £200 million ($256.00 million) to Aviva's IFRS net assets and generated about £14 million in IFRS operating pretax profit.
Aviva's other joint ventures in Italy with UBI, UniCredit, and its units Aviva Life and Aviva Italia are unaffected, it said.
Aviva has previously said it was considering the future of its businesses in Spain, Italy and India.
The insurer did not disclose a price for the sale.
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