UK insurance group Aviva agrees to sell Russian life and pension arm

UK insurer Aviva plc (LON:AV) on Wednesday said it was disposing of its Russian life and pensions business to local non-state pension fund Blagosostoyanie for EUR35m (USD46m) in cash.

The deal is in line with Aviva’s plans to reduce its business and presence focus to the markets where it already has a top position, its chief executive Mark Wilson said in a comment.

According to Aviva, the price agreed with Blagosostoyanie is a slight premium to Aviva Russia’s IFRS book value.

Pending clearance from the Federal Antimonopoly Service (FAS) regulator in Russia, the transaction is expected to wrap up in the first half of this year, the vendor said.