British insurer Aviva sells Polish unit to Munich’ Allianz for $2.9 billion

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British insurer Aviva sells Polish unit to Munich’ Allianz for $2.9 billion

Late on Friday, London-based British multinational insurer Aviva SE had issued a statement saying that the financial services provider had agreed to a sell off its Polish unit to Munich-based European multinational insurer and asset management company Allianz SE in an all-cash €2.5 billion deal, concluding a divestiture venture of its European and Asian assets that had begun last year.

In point of fact, latest move from Aviva SE to sell off its Polish unit to Germany’s Allianz SE came forth a day after a press agency report had unveiled that Allianz had been in an advanced stage talk with Aviva SE to purchase its Polish wing at a €2.5 billion takeover deal, outpacing bids from its Italian rival Generali alongside Netherlands-based insurer NN.

British insurer Aviva sells Polish businesses to Allianz

Apart from that, as beforementioned, latest Allianz SE takeover of the British insurer’s Polish businesses came against the backdrop of a mass-scale divestiture program of Aviva Chief Amanda Blanc, who took charge of the company back in July 2020, while Blanc has been divesting assets at a prodigious pace over recent months, in particular in a bid to focus more on its high profit-margin life and general insurance businesses in UK, Ireland and Canada.

However, Aviva still holds stakes in joint ventures in China alongside India. Meanwhile, addressing to a conclusion of his divestiture ventures which involved the sales of eight Aviva businesses, generating as many as $10.31 billion in fresh capital inflows, Blanc said followed by the announcement of Allianz deal, “The sale of our Polish business is an excellent conclusion to the refocusing of our portfolio announced just eight months ago”.

131-year-old Munich-based German insurer Allianz SE, the Europe’s largest insurer, had first entered into the Polish market back in 1997s.