As it targets markets in which it believes it has "scale or competitive advantage", Aviva has announced a significant acquisition this morning - swooping for Irish insurer Friends First Life Assurance Company.
Friends First Life Assurance Company, which has over 250,000 customers and a market share of 6 percent, is now owned by Dutch insurer Achmea Holding NV and has operated in Ireland for over 180 years, focusing on life protection, pension and investment products.
The planned move by Aviva - subject to regulatory approval - would see the group become one of the largest insurers in Ireland, with its market share increasing to 15%.
Owned by Dutch insurer Achmea Holding NV, it has been operating in Ireland for over 180 years. It has a 6% market share. It already has a leading 15% market share in general insurance.
Aviva Ireland Chief Executive John Quinlan said Friends First's expertise in income protection and group risk would complement Aviva's product line and make it the "leading insurer for brokers in the Irish market". Meanwhile, Aviva Ireland has itself enjoyed strong growth - operating profits have leapt 12% in the first half of this year.
The acquisition needs to be approved by regulators and is expected to complete in the first quarter of 2018.
"The acquisition will enhance Aviva Ireland's product offering and accelerate our global growth agenda", Maurice Tulloch (left), chief executive at Aviva worldwide Insurance, said. Friends First is an excellent business and will be a great addition to Aviva Ireland.