Search

Aviva sells off remaining Spanish businesses in £178m deal

PUBLISHED: 09:07 23 February 2018 | UPDATED: 09:07 23 February 2018

Aviva's Surrey House offices in Norwich. Picture: DENISE BRADLEY

Aviva's Surrey House offices in Norwich. Picture: DENISE BRADLEY

Archant

Insurance giant Aviva has sold its remaining stakes in two Spanish businesses for 202m euro (£178m).

The company, a member of the EDP/EADT Top 100 list of largest companies by turnover in Norfolk and Suffolk, offloaded its shares in joint ventures Cajamurcia Vida and Caja Granada Vida to Bankia.

Aviva said the deal represented 2.1 times is share of the asset value and would result in a £150m increase in its capital surplus.

The move comes following the restructuring of the Spanish banking system in 2010 which has seen the insurer, which employs more than 5,000 people in Norwich, sell its interest in several businesses with combined proceeds adding up to 1.6bn euro (£1.3bn).

Aviva group chief executive Mark Wilson said: “This sale is a strong return for our shareholders. It means that over the past five years we have generated proceeds of £1.3bn from selling almost all of our Spanish operations. The transaction further simplifies Aviva, strengthens our already healthy capital position and is another example of our focus on attractive, growing markets where we have high quality franchises.“

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Insight

It’s been a busy week in the business world, so we’ve rounded up some of our biggest and most interesting stories that may have gone under the radar - and you can test your knowledge of both national and East Anglian stories in this week’s Biz Quiz.

Jamie Brown explains how Digital Decoded can help SMEs navigate the mire of marketing products.

Women in Business

cover

Enjoy the
Women in Business
digital edition

Read

Celebrating Success

cover

Enjoy the
Celebrating Success
digital edition

Read

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100