By Ian Walker

Aviva PLC said Wednesday that it is exiting Turkey with the sale of its 40% shareholding in AvivaSA Emeklilik ve Hayat AS to Ageas Insurance International N.V. for 122 million pounds ($172.2 million) in cash.

The sale, which comes one day after the insurance company said it was selling its French unit, is expected to complete this year. AvivaSA Emeklilik ve Hayat AS is a joint venture between Aviva and local Turkish company Haci Omer Sabanci Holding A.S.

The FTSE 100 company said the sale will increase its IFRS net asset value and Solvency II surplus by GBP100 million.

Aviva said Tuesday that it was selling its French business to mutual insurer Aema Groupe for 3.2 billion euros ($3.89 billion) in cash. It said it will use the proceeds to support its debt-reduction plan, long-term growth and return of excess capital to shareholders.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

02-24-21 0237ET