Aviva has sold its Polish operations to Germany’s Allianz for 2.5 billion euros ($2.94 billion) in cash, completing a programme to sell European and Asian assets begun last year, the British insurer said on 26 March.
Allianz beat rival bids from Italy’s Generali and Dutch insurer NN, sources familiar with the matter told Reuters on Thursday.
Aviva boss Amanda Blanc, who joined the firm as CEO in July 2020, has been selling assets at a rapid pace to focus on the life and general insurer’s core businesses of Britain, Canada and Ireland. Aviva also has joint ventures in China and India.
“The sale of our Polish business is an excellent conclusion to the refocusing of our portfolio announced just eight months ago,” Blanc said, adding that the sale of the eight businesses would generate 7.5 billion pounds ($10.31 billion) in cash.
Allianz, which first entered the Polish market in 1997, is Europe’s biggest insurer.