Aviva to sell stake in Eurovita

Aviva is selling its 39 percent stake in Italian insurer Eurovita Assicurazioni to JC Flowers for EUR33 million. The sale is subject to approval by the Italian insurance supervisory authority IVASS and the proceeds will be used for general corporate purposes, a statement from Aviva said.

A statement from Aviva said the Eurovita agreement represents further progress in its strategy to focus its Italian business on more profitable, capital efficient products. Banco Popolare, the other majority stakeholder in Eurovita, has also sold its share to JC Flowers.