Aviva disposal lifts shares

The price of shares in FTSE 100 insurer Aviva (LON:AV.) rose by 2.14% to 324.80p (as of 12:40 GMT) after it announced the sale of its stake in its Italian joint venture Aviva Vita. The company will receive a cash consideration of roughly €400 million for the disposal as it moves to refocus on its core portfolio.

CEO Amanda Blanc commented: “Our strategy is about focus and delivery. The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business. We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders“.