Aviva could net £353 million after announcing its intention to sell its remaining stake in Dutch insurer Delta Lloyd.
Aviva has a 19% stake in the business and said a sale would form part of its strategy of narrowing the focus of the business.
Chief executive Mark Wilson (pictured) said: 'This sale will be a good start to 2013 and supports our strategy to narrow focus and make Aviva a more nimble and athletic organisation. It will further increase Aviva's cash and capital position and is consistent with our focus on businesses where we can earn higher returns.'
Aviva chairman John McFarlane implemented a strategic review of the business following previous chief executive Andrew Moss’ departure. Aviva reduced its stake in Delta Lloyd from 41% to 19% in July last year. At the end of 2012 it sold its US insurance arm and exited a joint venture with Spanish bank Bankia.