Aviva has completed the divesture of its Italian life insurance businesses to CNP Assurances for a cash consideration of €543m.

The deal, announced in March this year, marks Aviva’s exit from the Italian market.

It includes a 51% stake in Aviva S.p.A., a life insurance joint venture in which UniCredit holds 49%. It will be renamed as CNP Vita Assicura.

CNP Assurances has also acquired the entire stake in Aviva’s other life insurance business Aviva Life S.p.A, which will be renamed to CNP Vita Assicurazione.

Additionally, as part of the deal, CNP Assurances has acquired a 92.99% stake in Aviva Italia Servizi, which will be rebranded as CNP Vita SCARL.

The announcement comes just after Aviva complete the sale of its operations in Poland and Lithuania to Allianz.

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The German insurer acquired Aviva’s life and non-life insurance operations as well as its pension and asset management businesses for $2.9bn.

Aviva group CEO Amanda Blanc said: “In the last 24 hours we have completed the sales of both Aviva Poland and our Italian life insurance business. These are major steps forward as we radically simplify Aviva. I have no doubt that both businesses will thrive under their excellent new owners and I wish them and all their people every future success.”

Separately, CNP Assurances has signed an agreement (call option) with Italian lender UniCredit to sell its stake in Aviva’s Italian operations.

UniCredit can exercise its call option until 30 December 2021.