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30. 01. 12. - 16:00

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30. 01. 12. - 16:00

Insurer Aviva sells Romanian subsidiary to MetLife

Romanian Times

British insurance company Aviva announced today (Mon) the sale of the Romanian, Czech Republic and Hungarian businesses.

The company announced the sale of Aviva Czech Life, Aviva Hungary Life and Aviva Romania Life & Pensions to MetLife, Inc.

This transaction is consistent with Aviva’s strategy to focus on markets where it has strength and scale, the official statement reads.

The transaction, which is subject to regulatory approvals in each jurisdiction, is expected to be completed during 2012.

As at 30 June 2011, the combined net assets of the businesses were approximately 57 million Euros.

Aviva Romania Life is the 7th largest life insurer in Romania, measured by gross written premiums as at 30 September 2011. Aviva Romania Pensions is the 4th largest for mandatory pensions and 6th largest for voluntary pensions in Romania, measured by the number of participants as at 30 November 2011.

Andrew Moss, group chief executive of Aviva, said: "We are pleased to have agreed the sale of our businesses in Czech Republic, Hungary and Romania to MetLife. This transaction is another step to further focus the group on our priority markets."

Aviva serves 44.5 million customers across Europe, North America and Asia Pacific.

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programmes, serving 90 million customers in over 50 countries.

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