Aviva: Transaction will increase Aviva’s economic capital surplus

theflyonthewall.com

Aviva announces that it has reached a settlement with Bankia by which Aviva will transfer its entire holding in Spanish joint venture Aseval2 to Bankia for EUR608M in cash, which will be held in escrow. The transfer of Aseval shares to Bankia is subject to customary regulatory approvals and release of the cash proceeds to Aviva is expected no later than 30 April 2013 .Cash proceeds will increase Aviva´s central group liquidity by EUR608M and be used for general corporate purposes. The transaction will increase Aviva’s economic capital surplus by approximately GBP 0.5B, IGD capital surplus by approximately GBP 0.4B and IFRS net assets by approximately GBP 0.2B

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