Aviva leaves Russia after £30m deal
PUBLISHED: 18:46 27 February 2013 | UPDATED: 18:46 27 February 2013
Insurance giant Aviva yesterday announced a £30m sale of its Russian business.
The deal with Blagosostoyanie, a non-state pension fund in Russia is another boost to the balance sheet for Aviva ahead of its end of year results next week.
Aviva is carrying out a fire sale of the underperforming parts of the business as part of a strategy to narrow its focus on the best parts of the business, where it enjoys ‘market leadership’ and has already announced a raft of sales including operations in the US, Spain, and Malaysia.
Mark Wilson, chief executive, said: “We are pleased to have agreed the sale of our life and pensions operations in Russia to Blagosostoyanie.
“This transaction builds on the progress we have made to narrow Aviva’s focus.”