Aviva has raised £353m after selling its shareholding in Dutch insurer Delta Lloyd.

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The deal is the latest phase of a turnaround plan aimed at focusing the business on its key markets and improving its performance following discontent from major shareholders.

New chief executive Mark Wilson, who officially started this week, said: “This sale will be a good start to 2013 and supports our strategy to narrow focus and make Aviva a more nimble and athletic organisation.

“It will further increase Aviva’s cash and capital position and is consistent with our focus on businesses where we can earn higher returns.”

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