CNP Assurances and Allianz SE bought the London-based firm’s Italian life and general insurance units, respectively, according to a statement Thursday. Those deals, along with Aviva’s recent exit from France and an earlier sale in Italy, mean the company has divested its main non-core units under its new strategy.
“We have taken major steps forward in simplifying the business,” Chief Executive Officer Amanda Blanc said in the statement. “Our strategic focus is now on the U.K., Ireland and Canada where we have leading positions.”
Since joining last July, Blanc has moved at pace to exit businesses in Europe and Asia. The firm last month agreed to sell its French operation for 3.2 billion euros, the biggest deal yet among seven divestments that Blanc says will generate more than 5 billion pounds in cash proceeds.
Source: Insurance Journal
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