UK underwriter Aviva has agreed to sell Aviva Russia to Blagosostoyanie, a Moscow-based non-state pension fund, for a cash consideration of €35m.
Subject to the approval of the Federal Antimonopoly Service of the Russian Federation, the transaction is expected to complete in the first half of 2013.
Aviva chief executive officer Mark Wilson said, ''This transaction builds on the progress we have made to narrow Aviva's focus."
Established in 2005, Aviva Russia focuses on the life and pensions market in the country.
Blagosostoyanie is one of the largest non-state pension funds in Russia, and offers non-state pension coverage and compulsory pension insurance, to help customers maintain financial independence after retirement.
Serving 43 million customers, Aviva delivers life insurance, general insurance and asset management businesses, savings and investment products.
