Germany’s Allianz has purchased Aviva’s Polish operation for €2.5bn ($2.94bn, £2.1bn) in cash.
Allianz is said to have beaten rival bids from Italy’s Generali and Dutch insurer NN.
This comes as part of Aviva’s programme to shed its European and Asian assets. Aviva CEO Amanda Blanc has been selling assets slowly to focus on the life and general insurer’s core businesses of Britain, Canada and Ireland.
The company also has joint ventures in China and India.
“The sale of our Polish business is an excellent conclusion to the refocusing of our portfolio announced just eight months ago,” Blanc said.
She said the sale of the eight businesses would generate £7.5bn in cash.
Allianz said the deal would make it number two in central and eastern Europe in terms of operating profit. It has other businesses in the region, including in Russia and Ukraine.
In Poland, the deal will take Allianz to number five in gross written premium, Allianz added.
Allianz is also buying Santander’s minority stake in the Aviva Poland business, bringing the total value of the transaction to €2.7bn.
Santander will have a 49 per cent holding in the business’s life and general insurance joint ventures.
Allianz, which entered the Polish market in 1997, is Europe’s biggest insurer.