SocGen buys Aviva's stake in insurer Antarius 1 for 425 million pounds

The logo of the French bank Societe Generale is seen in front of the bank's headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. REUTERS/Gonzalo Fuentes

LONDON (Reuters) - British insurer Aviva AV.L on Thursday announced the sale of a 50 percent stake in its life insurance joint venture Antarius 1 to a unit of French bank Societe Generale SOGN.PA for about 425 million pounds ($531.42 million).

Antarius is currently owned jointly by Aviva and a separate subsidiary of Societe Generale.

“This is a good deal at an attractive valuation and the sale realises a strong return for our shareholders,” said Aviva Chief Executive Officer Mark Wilson.

Reporting By Andrew MacAskill; Editing by Rachel Armstrong