OREANDA-NEWS. Aviva plc (“Aviva”) today announces the sale of Aviva Russia to Blagosostoyanie, a non-state pension fund in Russia, for a consideration of €35 million. The consideration is payable in cash and represents a modest premium to IFRS book value. This transaction is consistent with Aviva’s strategy to narrow the Group’s focus to businesses and markets where Aviva has leadership positions.

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

Mark Wilson, Chief Executive Officer of Aviva plc, 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.”