Aviva Buys Friends First Life Assurance Company for EUR130 Million
November 14 2017 - 3:19AM
Dow Jones News
By Oliver Griffin
Aviva PLC (AV.LN) said Tuesday that it has reached an agreement
to buy Ireland-based insurer Friends First Life Assurance Company
Dac for 130 million euros ($151.5 million).
Aviva said that the acquisition will raise its share of
Ireland's life insurance market to 15% and make it one of the
largest composite insurers in the country. It also commands a 15%
share of the general insurance sector.
The company expects that the transaction will meet the its
minimum operating rate of return from year one and from then on,
significantly exceed it.
Friends First is currently owned by Dutch insurer Achmea Holding
NV and has been operating in Ireland for more than 180 years, Aviva
said, adding that its new acquisition has more 250,000 customers, a
market share of 6% and is a leader in group risk and income
protection.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
November 14, 2017 03:04 ET (08:04 GMT)
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