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.