Aviva PLC today announced an agreement to sell Aviva Russia to Blagosostoyanie, a non-state pension fund in Russia, for €35 million. Payment will be made in cash and, according to the company, represents a “modest premium” to IFRS book value.

The sale, which needs to be approved by the Federal Antimonopoly Service of the Russian Federation, is expected to close sometime in the first half of this year. As of September 2012, Blagosostoyanie held total assets of approximately €6.5 billion, including approximately €4.2 billion of pension reserves and €1.9 billion of pension savings. Blagosostoyanie serves over 2.8 million individual customers.

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