(Bloomberg) — Aviva Plc, the U.K.'s second-biggest insurer by market value, plans to exit almost a third of its units to bolster capital reserves and limit the impact of further turmoil in the euro region.

The insurer plans to sell 16 non-core divisions including U.K. bulk-purchase annuities, its South Korean unit and some partnerships in Italy, the London-based firm said in a statement today. The company is aiming to bring its capital levels in line with other insurers to between 160 percent and 170 percent of reserves required by regulators from 140 percent today.

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