LONDON (ShareCast) - Norwich-based insurance giant Aviva is to reduce its presence in eastern Europe as it continues with its strategy of focusing on markets where it has strength and scale.

The company is to sell Aviva Czech Life, Aviva Hungary Life and Aviva Romania Life & Pensions to US life assurance firm MetLife.

The multiple sale, which is subject to regulatory approvals in each jurisdiction, is expected to be completed during 2012.

The combined net assets of the businesses were approximately €57m at June 30th 2011.

Group Chief Executive Andrew Moss said: "This transaction is another step to further focus the group on our priority markets."

The share price fell 2.86% to 345.9p by 12:36.

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