UK-based insurer Aviva has sold its remaining stake of 19.4% in Dutch insurer Delta Lloyd for £353m, as part of its strategy to reorganize operations.

Aviva sold all its 34 million shares in Delta Lloyd for €12.65 per share, representing a 1.6% discount to Delta Lloyd’s closing share price of €12.86 on 8 January 2013.

The transaction is expected to boost Aviva’s economic capital surplus coverage ratio by nearly 4% to 169%, and cash proceeds will be used for general corporate purposes.

Aviva acquired Delta Lloyd in 1973, but began offloading its stake since 2009 due to some corporate laws, which limited its control over the firm.

The Delta Lloyd Group, which mainly trades under the brand names of Delta Lloyd, OHRA and ABN AMRO Insurance in the Netherlands, and under the Delta Lloyd name in Belgium, offers life insurance, general insurance, asset management and banking products and services.

Serving 43 million customers, Aviva delivers life insurance, general insurance and asset management businesses, savings and investment products.