UCG Unicredit Spa

LONDON--Insurer Aviva PLC (AV.LN) Wednesday announced measures to simplify its life insurance joint ventures in Italy.

The company has reached agreements with UBI Banca and UniCredit SpA (UCG.MI) to restructure the joint ventures and will make a 25-million-pound ($41.8 million) payment as part of the restructuring.

"This is an important step in the turnaround of our Italian business," said David McMillan, chief executive officer of Aviva Europe.

Shares closed Tuesday at 491 pence, valuing the company at GBP14.5 billion.

Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

Subscribe to WSJ: http://online.wsj.com?mod=djnwires