Aviva completes exit from Spain

11 Jul 2018

Completion of sale of Cajamurcia Vida and Caja Granada Vida to Bankia.

Aviva plc (“Aviva”) announces that it has completed the sale of its entire shareholding1 in life insurance and pensions joint ventures, Cajamurcia Vida2 and Caja Granada Vida3, to Bankia4. The final consideration of the transaction is €203 million (£179 million). This follows the announcement of the sale by Aviva on 23 February 2018.

Aviva has also agreed the sale of its 50% shareholding in Spanish life insurance operation, Pelayo Vida5, to Santalucía6. This transaction completes Aviva’s withdrawal from the market. The transaction is subject to regulatory and anti-trust approvals and is expected to complete in the fourth quarter of 2018.

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Note: Proceeds converted to GBP at an exchange rate of €1.131/£1

References:

1Aviva holds 50% shareholding in Cajamurcia Vida and 25% shareholding in Caja Granada. 
2 Cajamurcia Vida y Pensiones de Seguros y Reaseguros, S.A.
3 Caja Granada Vida, Compañía de Seguros y Reaseguros, S.A. 
4 Bankia S.A. 
5 Pelayo Vida Seguros y Reaseguros S.A. 
6 Santa Lucía, S.A, Compañía de Seguros y Reaseguros. 

Enquiries:

Media

Yasmin Saleh
+44 (0)20 7662 8710

Analysts

Chris Esson
+44 (0)20 7662 8115

Diane Michelberger
+44 (0)20 7662 0911

Notes to editors:

  • We are one of the UK’s leading Insurance, Wealth & Retirement businesses and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
  • We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
  • Aviva is a market leader in sustainability. In 2021, we announced our plan to become Net Zero by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
  • While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at www.aviva.com/sustainability/climate/
  • Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
  • As at 31 December 2022, total Group assets under management at Aviva Group were £352 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2023 was £7.7 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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