Aviva plc said it sold its remaining stake in Cajamurcia Vida and Caja Granada Vida to Bankia, for a â¬202m or £178m.

The transaction, subject to regulatory and anti-trust approvals, is expected to complete in the second quarter of 2018 and will result in an increase of approximately £150m in Aviva's Solvency II capital surplus.

Mark Wilson, Group Chief Executive Officer, Aviva, said: 'This sale is a strong return for our shareholders. It means that over the past five years we have generated proceeds of £1.3 billion from selling almost all of our Spanish operations.'

'The transaction further simplifies Aviva, strengthens our already healthy capital position and is another example of our focus on attractive, growing markets where we have high quality franchises.'

At 8:35am: (LON:AVV) AVEVA Group PLC share price was -45p at 2899p