Aviva approves sale of its French business for 3.2 billion euros

Aviva said the move significantly strengthens its capital and liquidity and provides security to employees and continuity of service to customers under the new ownership.

Amanda Blanc, the chief executive officer of Aviva, said: “The sale of Aviva France is a very significant milestone in the delivery of our strategy. It is an excellent outcome for shareholders, customers, employees and distributors.

"The transaction will increase Aviva’s financial strength, remove significant volatility and bring real focus to the group.”

“Aéma Groupe has a strong heritage in the French insurance industry and this transaction will propel it to a top five position in the French market. I am confident Aéma Groupe will be an excellent owner of Aviva France.”

Aviva employs 2,000 people at its life and general insurance business in York and 1,500 at its life and health insurance operation in Sheffield.