Italian insurer Unipol has said that it expects to raise €588.9m ($695M) from selling its 50% stake in Popolare Vita, its life joint venture with Banco BPM.

Unipol holds the stake in the bancassurance JV through its subsidiary, UnipolSai, which said that experts have valued the stake held by it at €535.5m.

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BDO Italia and BDO AG Wirtschaftsprüfungsgesellschaft – Actuarial Services have valued the entire Popolare Vita at around €1.071bn.

The decision to sell the stake in the JV is part of Unipol’s strategy to overhaul its insurance and banking operations.

Banco BPM in its press statement said that its own reorganisation process would cost a total of €788m. This would include buying stake held by UnipolSai in Popolare Vita, and Aviva’s stake in Avipop Assicurazioni Assicurazioni.

Banco BPM added that the transactions will add 11 bps to its fully-phased CET 1 ratio.

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Founded in 2000, Popolare Vita, formerly known as BPV Vita, provides life insurance products and services in Italy.