Aviva to acquire Irish insurer
Aviva plc has reached an agreement to acquire Irish insurer Friends First Life Assurance Company dac for a cash consideration of €130m.
As a result of this acquisition, Aviva will become one of the largest composite insurers in Ireland, with its market share in life insurance increasing to 15%, alongside its existing leading 15% market share in general insurance.
The transaction is in line with Aviva’s strategy to allocate capital in selected markets where it has scale or competitive advantage and where it can further expand its range of products across life and general insurance.
Maurice Tulloch, CEO Aviva International Insurance said, ‘Friends First is a natural fit for Aviva Ireland. The acquisition will enhance Aviva Ireland’s product offering and accelerate our international growth agenda. It makes sense financially, strategically and for our customers.’
The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2018.