European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
No Result
View All Result
Home < INDUSTRIES Financial

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

by Marie Weil
March 29, 2021
A A
Allianz sign, logo, emblem on the facade of Allianz Insurance Warsaw building, branch of Allianz SE is a German multinational financial services company. WARSAW, POLAND - SEPTEMBER 12, 2020; Shutterstock ID 1818880709; purchase_order: 25.03.2021; job: AZCOM; client: ; other:

Allianz sign, logo, emblem on the facade of Allianz Insurance Warsaw building, branch of Allianz SE is a German multinational financial services company. WARSAW, POLAND - SEPTEMBER 12, 2020; Shutterstock ID 1818880709; purchase_order: 25.03.2021; job: AZCOM; client: ; other:

Share on LinkedinShare on Twitter
  • Allianz to become the fifth largest insurer in Poland and consolidates its leading position in profitability in Central Eastern Europe (CEE)
  • Transaction worth 2.5 billion euros

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.

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.” 

Tags: < Invest

Related Industries

Financial

ABN AMRO intends to appoint Ferdinand Vaandrager as Chief Financial Officer

September 6, 2023
Financial

Barclays appoints two new senior leaders into its Technology Investment Banking team

August 26, 2023
Financial

Barclays appoints Lee Counselman as a Managing Director in Technology Investment Banking

August 15, 2023
Financial

AXA accelerates the development of its Health strategy in Europe with the acquisition of Laya

August 4, 2023
Financial

Allianz to invest in Norwegian green ammonia production plants developer Fuella

July 28, 2023
Financial

Barclays announces Spyros Svoronos as Global Co-Head of Industrials in Investment Banking

July 25, 2023

KKR Provides £75 million Financing Facility to TalkTalk

September 9, 2023

...

Dow achieves eighth ISCC PLUS certification for Polyurethanes plants in Europe

August 31, 2023

...

Ericsson and M1 partner to deploy the new generation of 5G routers to enable a future- ready mobile transport network

September 1, 2023

...

Aki Temmes appointed Executive Vice President, UPM Fibres

August 25, 2023

...

Mobileye and Valeo Launch a Partnership for World-Class Imaging Radars

September 5, 2023

...

Bayer appoints Dr. Juergen Eckhardt as new Head of Pharmaceuticals Business Development & Licensing / Open Innovation

August 23, 2023

...

Partnership Forged to Accelerate the Energy Transition: Hitachi Energy and Google Cloud Combine Energy and Digital Expertise to Advance Sustainability Initiatives

August 25, 2023

...

Hyundai-Kia’s Head of Battery and H2 Fuel Cell Development Chang Hwan Kim Elected as President of FISITA from ’25-’27

September 14, 2023

...

Sandoz completes acquisition of leading antifungal agent Mycamine® from Astellas, reinforcing leading global anti-infectives portfolio

August 29, 2023

...

Amelia IRION appointed Vice President Human Resources for Air Liquide, effective September 18, 2023

September 8, 2023

...

Asia Pacific Business Asia Pacific Business Asia Pacific Business

EUROPEAN BUSINESS is a premier source of corporate news, business information and insights across broad spectrum of industries in Europe and worldwide.  We are one of the members of the Business World Network.

RESOURCES

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor # european-biz.com

PARTNERSHIP:     partnership # european-biz.com

HUMAN RESOURCE:     hr # european-biz.com

* (replace # with @)

  • Official Site

Copyright © EUROPEAN-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © EUROPEAN-BIZ.COM All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist