The life insurer said that the transaction will be in line with Aviva’s strategy to narrow the group’s focus to businesses and markets where Aviva has leadership positions.

Aviva CEO, Mark Wilson, said: "We are pleased to have agreed the sale of our life and pensions operations in Russia to Blagosostoyanie. This transaction builds on the progress we have made to narrow Aviva’s focus."

Subject to the approval of the Federal Antimonopoly Service of the Russian Federation, the transaction is expected to complete in the first half of 2013.

Aviva is engaged in the provision of products and services, such as long-term insurance and savings, fund management and general insurance.