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RBC sells Canadian GI biz to Aviva

The Royal Bank of Canada has closed a deal with Aviva Canada to sell its general insurance business. It will also move some of its employees to Aviva. RBC will receive about $582 million from the sale of the home and auto insurance business and RBC estimates it will realize a $200-million after-tax net gain from the deal, which will close sometime between July and September. Aviva Canada will also provide a full suite of property and casualty insurance to RBC customers, including home and auto, under a 15-year strategic agreement with the bank. Policyholders won’t be affected at this time.

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