Business

Allianz acquires Aviva’s international operations

The transaction represents Allianz’s largest deal globally in a decade, and the company has become ‘the most profitable international player in the Central Eastern Europe market’.

Allianz has announced that it has completed the acquisition of the Aviva Group’s operations in Poland and Lithuania. 

The transaction, which was announced on March 26 this year, is Allianz’s largest deal globally in a decade. It involves Aviva’s life and non-life insurance operations as well as its pension and asset management businesses. 

Under the transaction, Allianz had also agreed to acquire a 51% stake each in Aviva’s life and non-life bancassurance joint ventures with Santander Bank Polska. 

The transaction also includes Aviva’s Life operations in Lithuania.

With the closing of the transaction, Allianz said it has become “the most profitable international player in the Central Eastern Europe market”. 

Additionally, in the Polish market, Allianz has become the fifth-largest insurer and the second-largest player in the life insurance segment, in terms of gross written premiums.

Meanwhile, Allianz has announced the appointment of Jolanta Karny as the new CEO of Aviva Life and Aviva sp. z o.o., subject to approval by the Polish Financial Supervision Authority (KNF). 

Petros Papanikolaou, CEO of Allianz Central Eastern Europe, said: “After successfully completing the transfer of ownership, we will now focus on ensuring a seamless transition for our joint community of around 2,400 employees, a large network of about 4,000 agents, and almost 5 million customers in Poland and Lithuania. 

“We are planning to complete the merger of our Polish operations by mid-2022. We look forward to working jointly with our colleagues to leverage our broad talent pool, wide distribution network, diversified product offering, and increased scale.”

He added: “Together, we will further strengthen our market position as a top international player in Poland and continue developing a unique and innovative value proposition for our customers.”

Show More
Back to top button