Aviva said the sale of the businesses, which at the end of June last year had combined net assets of approximately €57m, is in line with its strategy of focusing on fewer business segments were it can produce attractive returns and has “strength and scale”.
The sale was originally agreed in January this year, and at the time Aviva group chief executive, Andrew Moss said: “We are pleased to have agreed the sale of our businesses in Czech Republic, Hungary and Romania to MetLife. This transaction is another step to further focus the group on our priority markets.”
As part of its Q1 interim statement in May this year, Aviva announced it would be conducting a strategic review which would see it exit some markets.
Announcing the review, Aviva’s executive deputy chairman John McFarlane said: “[Aviva would conduct] a strategic review of all our businesses to ensure we are focused on the right segments; that we put in place plans to advance the performance and position of our businesses strategically, and exit sensibly those that are not part of our future.
“These will be reviewed by me and subsequently the Board in June, and we will provide an update to you in July.”
Shortly after making that statement there was some media speculation that the company was in talks to sell its South Korean and Sri Lankan businesses.
