Aviva announces sale of Aviva Poland for €2.5bn

Written by Adam Cadle

26/03/2021

Aviva has agreed to sell its entire shareholding in Aviva Poland to Allianz for a cash consideration of €2.5bn.

Aviva will now focus on its strongest businesses in the UK, Ireland and Canada. The divestment of Aviva Poland is the eighth transaction Aviva has announced in the past eight months, and this successfully concludes the planned refocus of the group’s portfolio.

“This transaction delivers excellent value for Aviva shareholders,” Aviva chief executive officer Amanda Blanc stated. “It is also a very positive outcome for our customers, employees and distribution partners and we are confident that Aviva Poland will continue to prosper under Allianz ownership.”

Aviva expects to use the increased capital and cash to support its previously communicated capital framework of debt reduction, investment for long-term growth and return of excess capital to shareholders. The transaction is subject to customary closing conditions, including regulatory and anti-trust approvals, and is expected to complete within 12 months.

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