By Jaime Llinares Taboada

Aviva PLC said Thursday that it is selling its remaining Italian life and general insurance businesses for 873 million euros ($1.05 billion) in cash.

The FTSE 100-listed insurer said the life division was sold to CNP Assurances for EUR543 million, while Allianz SE is buying the general-insurance unit for EUR330 million.

The group said it expects to use the increased capital and cash to support its debt reduction strategy, to fund investments, and to return excess capital to shareholders.

"Since I announced our new strategy in August last year, we have announced seven divestments that will generate over GBP5 billion of cash proceeds. This rapid progress allows us to focus on transforming and growing our already strong businesses in the U.K., Ireland and Canada," Chief Executive Amanda Blanc said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

March 04, 2021 03:06 ET (08:06 GMT)