Aviva to sell full stake in Italian life insurer

Aviva has announced that it has agreed to sell its 80% stake in Aviva Vita to its Italian shareholding partner UBI Banca. Aviva said the transaction represents an "important strategic milestone" as it continues to refocus its portfolio. On completion, Aviva will receive around €400m in cash consideration. The transaction represents a multiple of 8.4 times Aviva Vita's 2019 IFRS profit after tax, 1.0 times Solvency II Own Funds at 30 June 2020 and 1.2 times net asset value at 30 June 2020. In addition, a subordinated loan of €40m, provided by Aviva Italia Holding S.p.A. to Aviva Vit...