By Pamela Barbaglia and Stephen Jewkes
LONDON/MILAN (Reuters) – Aviva
is weighing a piecemeal sale of its Italian business which consists of two joint venture agreements focused on life insurance as well as general insurance policies handled by a network of agents, sources familiar with the matter said.
The British insurer, which is also working on the possible sale of its French operations, holds a distribution agreement with UniCredit which expired this year, meaning no new policies are being sold through this network.
Aviva had also teamed up on a bancassurance partnership with Italian lender UBI Banca
, which is being taken over by Intesa Sanpaolo
Both joint venture platforms are being reviewed as part of Aviva’s plans to sell its Italian operations, the sources said.
The move comes after Aviva hired Morgan Stanley
to launch an auction process for its Italian business as its new boss Amanda Blanc