The company has entered into an agreement with asset manager Certinvest and financial investment company SIF Transilvania.
Certinvest will acquire 70% of Axa’s Romanian subsidiary while SIF Transilvania will acquire 30%.
Axa has not disclosed the terms and conditions of the transaction, which is subject to customary closing conditions, including the receipt of regulatory approvals.
The sale was first announced in December last year.
In 2012, Aviva completed the sale of its Czech, Hungarian, and Romanian life businesses to local subsidiaries of global insurance provider MetLife.
Aviva said the sale of the businesses, which at the end of June last year had combined net assets of approximately €57m, was in line with its strategy of focusing on fewer business segments were it can produce attractive returns and has “strength and scale”.