As part of its ongoing programme of rationalising its international business interests, Aviva has sold its Russian business to Blagosostoyanie, a non-state pension fund in Russia.
Blagosostoyanie will pick up Aviva’s Russian business for a cash consideration of €35m (£30.3m), representing a slight premium to the business’ book value.
The deal marks a further narrowing of Aviva’s focus to businesses and markets where the company has a more prominent position.
Subject to the approval of the Russian Federation’s Federal Antimonopoly Service, the transaction is expected to complete in the first half of 2013.
Mark Wilson, chief executive officer of Aviva, said: “We are pleased to have agreed the sales of our life and pensions operations in Russia to Blagosostoyanie. This transaction builds on the progress we have made to narrow Aviva’s focus.”
