Aviva has decided to sell its remaining businesses in Italy for a combined value of €873m as part of its strategy to provide more focus on the core markets.

The company’s life insurance business will be acquired by CNP Assurances for €543m, while Allianz will purchase its general insurance business for €330m.

The transactions are expected to complete in the second half of this year, subject to customary closing conditions, including regulatory and anti-trust approvals.

Once complete, it will mark the exit of Aviva from Italy.

The move comes weeks after Aviva announced the divestment of its operations in France and Turkey.

Aviva CEO Amanda Blanc said: “Since I announced our new strategy in August last year, we have announced seven divestments that will generate over £5bn of cash proceeds.

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“This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada. The sale of our Italian operations to high quality buyers is a positive outcome for our customers, employees, distributors and shareholders.

“We promised that we would deliver quickly and we are. Our work to improve Aviva for the benefit of our shareholders continues.”

The proceeds from the transaction are expected to support its previously communicated capital framework of debt reduction, investment for long-term growth and return of excess capital to shareholders.