Allianz agrees to acquire Aviva Poland and consolidates its leading position in Central Eastern Europe

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Allianz today announced it has agreed to purchase the life and non-life insurance operations, as well as pension and asset management business from Aviva Group and acquire each 51 percent stake in Aviva’s life and non-life bancassurance joint ventures with Santander.

On completion, the transaction, worth 2.5 billion euros, is immediately earnings accretive and comprises a purchase price of 2.7 billion euros and a dividend payment of 0.2 billion euros.

Allianz is set to become #2 in Central Eastern Europe in terms of operating profit and is well on track to become another flagship region for the Allianz Group. In Poland, based on gross written premiums, Allianz is set to become the fifth largest insurer overall and rise to #2 in the life insurance segment1. Subject to receipt of required regulatory approvals, the transaction is expected to complete within the next 12 months.

 

allianz poland warsaw

This agreement represents an important step for Allianz to accelerate its success story of strong profitability growth in the CEE region and scale up in Poland that is the largest CEE market with 38 million inhabitants and GDP of approximately $600 billion.

Through the transaction, Allianz will double its revenues in the attractive Polish insurance market and achieve a well-balanced business mix between property/casualty and life insurance. In particular Aviva’s strong focus on the dynamic and profitable Polish life protection market will significantly enhance Allianz’s operating profitability. In addition, the strong tied agents’ network and the long-term bancassurance joint venture with Santander will bolster Allianz’s distribution footprint and market position. 

"We are delighted to further strengthen visibility of the Allianz brand in Central Eastern Europe and pursue our successful growth strategy in the region. By combining our insurance and digital expertise and strong investments in technological innovation, customers will benefit from our innovative products and outstanding services," said Oliver Bäte, Chief Executive Officer of Allianz SE. 

"We are very pleased to enter into this agreement as the acquisition of Aviva’s business will reignite growth in Poland and produce a scale effect in the entire CEE region," said Klaus-Peter Roehler, Member of the Board of Management of Allianz SE responsible for insurance in German-speaking countries and Central Eastern Europe. "With a customer-first approach to design and distribution, and using innovation and technology as key enablers to deliver customer satisfaction, we see this as a fantastic opportunity to strengthen our footprint." 

1 Based on 2020 figures
The Allianz Group is one of the world's leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
* Including non-consolidated entities with Allianz customers.
** As of September 30, 2023.
*** As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

Press contacts

Holger Klotz
Allianz SE
Daniela Markovic
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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