UK insurance firm Aviva sells more Delta Lloyd shares due to strong demand

British insurer Aviva Plc (LON:AV), a 41.3%-owner of Delta Lloyd NV (AMS:DL), will sell 37m shares of the Dutch insurance firm, more than initially planned, due to favourable demand from investors, Delta Lloyd said.

Aviva, which originally wanted to sell 25m Delta Lloyd shares, representing 14% of its ordinary share capital and 14% of the votes, to institutional investors, raised that volume to 21% of the Dutch group’s share capital and 20% of its voting rights.

The Delta Lloyd stock will be sold through an accelerated book-building with the price to be decided by that process, the Dutch insurer said.

Aviva, which after this disposal will be left with 34m Delta Lloyd ordinary shares accounting for nearly 20% of the target’s capital and 19% of its votes, has pledged to keep its remaining interested in the Dutch insurance group for 180 days following the completion of this deal.

Delta Lloyd, providing life insurance and general insurance, as well as asset management and banking products and services, is focused on markets in the Netherlands and Belgium. In the Netherlands it is present under the brand names Delta Lloyd, OHRA and ABN AMRO Insurance, while in Belgium it operates as Delta Lloyd. The group has 5,401 permanent employees.

British Aviva has more than 43m customers for its long-term insurance and savings, general and health insurance and fund management products and services. Its divisions cover markets in the UK, Europe, North America and Asia Pacific.