Aviva Sells Stakes in Spanish Insurance Businesses

By Olga Cotaga Features Dow Jones Newswires

Aviva PLC (AV.LN) said Wednesday it is selling its stake in life insurance and pension joint ventures Unicorp Vida and Caja España Vida, as well as in retail life-insurance business Aviva Vida y Pensiones, for 475 million euros ($515.9 million).

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The sale follows a restructuring of the Spanish banking system, which started in 2010, the company said.

Aviva will still have some exposure to the insurance sector in Spain after this divestment, it said.

Shares closed Tuesday at 535.50 pence.

-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

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May 10, 2017 02:52 ET (06:52 GMT)