By Matteo Castia

Aviva PLC said Monday that it has sold its Italian life insurance joint venture Aviva Vita SpA to banking group UBI Banca for 400 million euros ($474.2 million).

The FTSE 100 insurer said the deal represents another step forward in its strategy to refocus its portfolio.

"The proceeds will be used to further strengthen Aviva's central liquidity and will be considered as part of Aviva's broader capital management and debt reduction objectives," the company said.

Aviva has three other operating insurance entities in Italy, comprising Aviva SpA--a joint venture with Italian bank UniCredit SpA--and wholly owned Aviva Life SpA and Aviva Italia SpA.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

11-23-20 0231ET