Discussions with Allianz have apparently reached an “advanced” stage, although AXA, Generali and French mutual La Mondiale have also reportedly expressed interest in the sale.
Sources suggest Aviva is keen to weigh its options with other potential buyers before committing to a deal with Allianz and Athora.
If given the green light, the acquisition would likely see Allianz take over P&C activities in France, while Athora would take over the life insurance portfolio in liquidation.
Reuters further reported that Allianz may consider a side deal to transfer all of its existing French liquidation portfolio to Athora.
Aviva’s French operations represent the bulk of its European business, with adjusted operating profit of £ 473 million in 2019.
But Amanda Blanc, who took over as CEO in July, is steering the company towards increased focus on the UK, Ireland and Canada. As part of the move, sources said that Aviva may also consider options to sell its business in Italy and Poland in the coming months.