British general insurance giant Aviva has completed the sale of its Australian life and pensions business and wealth management platform Aviva Australia.

National Australia Bank (NAB) picked up the business under a $925 million deal announced in June.

The figure comprises $825 in cash from NAB, $40 million in dividends from Aviva Australia and a forecast $60 million net asset adjustment paid after completion.

It is understood NAB will retain the Aviva brand at least temporarily.

Aviva intends to reinvest capital to key growth markets in Asia “where leading positions can be achieved”.

Aviva Australia CEO Allan Griffiths will depart the business by the end of the year.