Assicurazioni Generali SpA (G.MI) said on Monday that it has finalized the sale of its operations in Colombia and Panama as part of the company’s plan to rejig its international footprint.

The Italian insurer said the total consideration for the two sales was approximately 170 million euros, adding that the deals would allow it to improve its operating efficiency and capital allocation.

Generali’s Panama operations were sold to Assa Compania de Seguros while German insurer Talanx bought its business in Colombia, the company said.

It added that it would still retain a presence in both countries through its global business lines.

As part of its strategic plan, Generali previously said it would alter its geographical presence by leaving less profitable markets to focus on core ones.