LONDON (Reuters) - British insurer Aviva (L:AV) said on Friday it had agreed to sell its Italian joint venture to Banco BPM for 265 million euros (£232.73 million) in cash.
The sale of Avipop Assicurazioni will not affect Aviva's other Italian operations and is expected to complete in 2018, subject to regulatory approval, it said in a statement.
Aviva said the price represents 27.1 times Aviva's share of the joint venture's 2016 earnings after tax and will increase its Solvency II capital by around 200 million pounds.