Aviva offloads French business unit in €3.2 billion sale

Aviva has confirmed the sale of its French business units as the insurance group refines its strategy to focus on its core markets. The transaction, which is expected to close by the end of the year subject to regulatory approval, is valued at €3.2 billion (£2.76 billion) and will see French Aéma Groupe take ownership of Aviva's French life, general insurance and asset management businesses, as well as a 75% stake in L'Union Financière de France, a wealth manager listed on the Paris Bourse. Aviva states that the deal is part of its transformation strategy and will allow the firm to fo...