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Allianz buys the Polish part of Aviva’s business – KNF decision

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The Polish Financial Supervision Authority has approved the acquisition of Polish companies from the Aviva Group, which completes the process of obtaining regulatory approvals by Allianz – stated in the announcement. The value of the transaction is EUR 2.5 billion, or approximately PLN 11.6 billion.

Allianz takes over Aviva – KNF decision

Last week, the Polish Financial Supervision Authority unanimously stated that there are no grounds for objecting to the intention to acquire majority shares in Aviva Towarzystwo Ubezpieczeń Ogólnych, Aviva Towarzystwo Ubezpieczeń na Życie, Santander-Aviva Towarzystwo Ubezpieczeń and Santander-Aviva Towarzystwo Ubezpieczeń na Życie by Allianz Holding eins GmbH and indirectly acquire shares. of these companies by Allianz SE.

March 26 Allianz has concluded agreements for the acquisition of Polish companies from the Aviva Group life and property insurance, as well as a pension fund and investment funds. The transaction also includes the acquisition of 51 percent. shares in the joint venture Aviva and Santander Bank Polska offering life and non-life bancassurance products. The transaction also concerns a company from the Aviva Group operating in Lithuania – Allianz recalled in the announcement.

“The approvals of the Polish Financial Supervision Authority together with the previously obtained decisions of the European Commission, the National Bank of Lithuania and the Lithuanian foreign investment control committee complete the regulatory process related to the approval of the transaction” – stated in the release.

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Largest acquisition in a decade

It was emphasized that the acquisition will be the largest transaction of the Allianz Group in a decade. As a result, the Group will be ranked second in Central and Eastern Europe in terms of operating profit, and Poland will become a key market for the Allianz Group. Thanks to the transaction, Allianz will become the fifth largest insurer in Poland and the second largest premium in the life insurance segment – indicated.

– Together with Aviva, we are working on finalizing the transaction. We want to be sure that we will efficiently lead 2,400 employees, 4,000 agents and nearly 5 million clients in Poland and Lithuania through the period of changes, said Petros Papanikolaou, CEO of Allianz in Central and Eastern Europe.


Acquisition of AXA by Uniqa

The takeover of Aviva’s Polish assets is not the only transaction on the market recently. Uniqa and AXA from April operate as a single company under the Uniqa brand.

According to the data at the end of 2019, Uniqa and AXA are the fifth insurance group in Poland in terms of collected premiums, the total value of which at the end of 2019 amounted to almost PLN 4 billion. Together, they serve 5 million individual customers and insure 50 thousand. companies in Poland.

In 2018, AXA was ranked 10th in Poland in the list of insurance companies in terms of the amount of premiums collected in Section I (life insurance) – this is what the report of the Polish Chamber of Insurance shows. It was overtaken by PZU, Aviva, Open Life, Nationale, Generali, Europa, Metlife, Compensa and Warta.

Main photo source: MOZCO Mateusz Szymanski / Shutterstock.com

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