Aviva shares fall 3% as MetLife buys overseas arms

Aviva’s share price fell 3.12% today after it announced it will sell three of its overseas arms to MetLife.

The insurance giant will sell Aviva Czech Life, Aviva Hungary Life and Aviva Romania Life & Pensions to MetLife.

After the announcement the share price fell by 11.10p to 345.00p by 1.30pm.

The sale of the businesses, worth around £47.6m collectively, is expected to be completed this year subject to regulatory approval.

Aviva chief executive Andrew Moss said: "This transaction is another step to further focus the group on our priority markets."

The announcement follows a series of sales from Aviva.

The insurer reduced its holding in Dutch insurer Delta Lloyd to 43% in April 2011, and sold RAC to private equity group Carlyle for £1bn in September.

It also sold Aviva Investors' Australian arm to national Australia Bank for £401m in October of last year, and ended its United Arab Emirates partnership with National General Insurance Company in December.