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Allianz buys the Polish part of the Aviva group’s business – the transaction finalization date has been announced

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The merger date of Allianz and Aviva is scheduled for July 1, 2022. The companies will operate under the Allianz brand from July 2, Aviva said in a press release.

The final condition for the merger of the companies are entries in the National Court Register. On Friday, May 13, the Polish Financial Supervision Authority made decisions approving the implementation of the plans to merge insurance companies and TFI Allianz Polska and Aviva Polska.

Merger of Allianz and Aviva

Santander Aviva insurance companies, whose shareholders are the Allianz group and Santander Bank Polska, will continue their activities in the current form, and from May 21 they will change their names to Santander Allianz.

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“The upcoming transformations do not mean changes for clients, intermediaries and business partners, as all rights and obligations are transferred to the acquiring entities. Employees continue to be employed in the acquiring companies” – it was written in the release.

Allianz announced in 2021 that it would take over the assets of the Aviva group in Poland. The value of the transaction was set at EUR 2.5 billion.

Allianz takes over Aviva

March 26, 2021 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 – it was then announced in the Allianz announcement.

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.

Acquisition of AXA by Uniqa

From April 2021, Uniqa and AXA operate as a single company under the Uniqa brand.

The reports of the Polish Chamber of Insurance show that apart from the above-mentioned companies, the following companies have a strong position on the insurance market: PZU, Open Life, Nationale, Generali, Europa, Metlife, Compensa and Warta.

Main photo source: MOZCO Mateusz Szymanski / Shutterstock.com

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