In a statement on Wednesday, the company said “the transaction is in line with Aviva’s strategy of allocating capital to markets where it can deliver higher returns and is part of a strategic review of its Spanish operations”.
Aviva added it had sold a 50% stake interest in Unicorp Vida, a life insurance company, and a similar joint venture with pension provider Caja España Vida.
Th insurer is also looking to sell off its retail life insurance business Aviva Vida y Pensiones.
However, Aviva said it will keep shareholdings in two other life insurance joint ventures – Caja Granada and Cajamurcia, both part of Banco Mare Nostrum, and Pelayo Group.
The company said its Spanish disposal plan began in 2012 following by wide-sweeping changes to the country’s banking system as a result of the 2008 financial crisis.
As a result, the insurer sold joint venture shareholdings it had with Bankia in 2012 and Novacaixagalicia Grupo in 2014, raising a total of £720m.
“Following the restructuring of the Spanish banking system in 2012, brought, and the subsequent consolidation among Aviva’s banking partners, Aviva has taken steps to protect the value of its distribution agreements in Spain.
“As a result, Aviva sold its shareholdings in its joint ventures with Bankia in 2012 and Novacaixagalicia Grupo in 2014 for a combined £720m,” said the company.
Mark Wilson, chief executive, said the latest disposals represent “a strong outcome for Aviva”, adding that €475m is an “attractive valuation” with the sale further simplifying the group.