Aviva sold its 50% shareholding in French life insurer Antarius, a joint venture with separate Société Générale subsidiary Crédit du Nord, to Sogecap for approximately £425m ($531m, €497m).
The deal follows Crédit du Nord’s 2015 decision to exercise its option to purchase Aviva’s shareholding in Antarius.
Aviva Investors France reached a separate deal with Sogecap to continue to manage more than €10bn (£8.5bn) of Antarius assets.
Aviva bought the 50% stake in Antarius in 2004 as part of a 12 year distribution agreement to sell life insurance and protection products exclusively through Crédit du Nord’s network. Terms of the agreement also gave Crédit du Nord the option to buy Aviva’s shareholding in Antarius.
Mark Wilson, group chief executive officer at Aviva, said: “This is a good deal at an attractive valuation and the sale realises a strong return for our shareholders.
“We have also agreed a new investment management mandate with Antarius and we look forward to continuing our long and successful partnership with Société Générale.”
