REFILE-UPDATE 1-Aviva sells eastern Europe units to Metlife

* Sells life units in Czech Republic, Hungary, Romania

* Part of drive to cut back on its low priority markets

* Price not disclosed

LONDON, Jan 30 (Reuters) - Aviva, Britain's second-biggest insurer, sold its life insurance operations in the Czech Republic, Hungary and Romania to U.S. rival Metlife as part of a plan to refocus on territories where it makes the most money.

The three units account for less than 0.5 percent of group profit and had total assets of 57 million euros ($75 million) at the end of June 2011, Aviva said on Monday without disclosing what price they fetched.

Metlife, the biggest U.S. life insurer, said the deal reflected its strategy of "investing and growing in high-potential markets."

"This transaction creates an excellent opportunity to reach more customers with a broader product and service offering," Michel Khalaf, Metlife's EMEA president said in a statement.

Analysts say central and eastern Europe's comparatively strong economic growth, coupled with its relatively under-developed retail financial services market, make it one of the world's most promising regions for insurers, alongside booming south-east Asia.

The disposals form part of Aviva's strategy, launched in November 2010, of withdrawing from territories where it is too small to compete and concentrating on its most profitable operations.

The Czech Republic, Hungary and Romania are among 18 of Aviva's 30 countries which it has identified as low-priority.

Under the plan, the insurer has also sold its RAC roadside recovery business and sharply reduced its stake in Dutch insurer Delta Lloyd.

Aviva shares were down 2 percent at 348.85 pence at 0950 GMT, narrowly underperforming the European insurance sector , which was 1.8 percent lower.

The stock has fallen 23 percent in the past year, compared with a 17 percent decline for the wider sector.

HSBC advised Aviva and Deutsche Bank advised Metlife.