Aviva has wrapped the sale of its French insurance business to Aéma Groupe for a total cash consideration of €3.2bn.

The acquisition will make Aéma Groupe the fifth-largest insurer in the country.

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The sale of Aviva France, which caters to life insurance, property and casualty and asset management markets, was first announced in February 2021.

Aviva Group CEO Amanda Blanc said: “This is a very significant step forward for Aviva. It greatly simplifies the company as we focus on our core businesses in the UK, Ireland, and Canada.

“I am confident that Aéma, with its strong insurance heritage and reputation, will be an excellent owner of Aviva France. I wish the business and all its people every success for the future.”

Aéma Groupe stated that Aviva France will be rebranded with a gradual roll-out.

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It has also formed a new board of directors and appointed Jean-Philippe Dogneton as chairperson and Philippe-Michel Labrosse as CEO of Aviva France.

Aéma Groupe managing director Adrien Couret said: “The creation of Aéma Groupe was the culmination of the ambition of two companies, Aésio Mutuelle and Macif, to join forces to build a large-scale mutual insurance group capable of offering the broadest possible protection to its policyholders, both today and tomorrow. The acquisition of Aviva France is the first phase in this process.”

Concurrently, Aviva announced the completion of the sale of its Italian General Insurance business to German insurer Allianz for €330m in cash consideration.

In March this year, Allianz signed an agreement to acquire the Polish business of Aviva in a cash deal worth $2.9bn (€2.5bn).