Aviva Ireland has completed the transaction to acquire the life insurer Friends First.
The completion follows the approval by the Central Bank of Ireland of the acquisition which was granted last week. The transaction had received approval from the Competition and Consumer Protection Commission (CCPC) in February.
Aviva announced its intention to acquire Friends First Life Assurance Company dac from Dutch insurer, Achmea BV on the 14 November 2017.
Work on the integration of the two businesses is underway and the process is expected to be completed by mid 2020. It will trade under the Aviva brand from January 2019. Over the coming weeks, Aviva will be writing to over 250,000 customers joining from Friends First to welcome them and to tell them they don’t need to take any action as a result of the change in ownership.
The completion of the acquisition makes Aviva one of the largest composite insurers in Ireland, with its market share in life insurance increasing to 15%, alongside its existing 15% market share in general insurance.
ENDS
Enquiries
Cathy Herbert
Head of Communications, Aviva Ireland
Direct Dial: +353 1 898 6574
Email: Cathy.Herbert@aviva.com
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £350 billion in assets. Total group assets under management at Aviva group are £490 billion.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.6 billion in benefits and claims in 2017.
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