Consent of the Polish Financial Supervision Authority for the takeover of Aviva by Allianz

Dodano: 18-11-2021
Publikator: Financial Supervision Authority

On 4 November, the Financial Supervision Authority approved the takeover of the insurance company Aviva by Allianz.

The Commission has unanimously decided that there are no grounds to object to Allianz Holding eins GmbH's intended acquisition of shares in the property insurance companies Aviva Towarzystwo Ubezpieczeń Ogólnych and Aviva Towarzystwo Ubezpieczeń na Życie, or to the indirect acquisition of shares in the companies by Allianz SE, to the extent that they exceed half of the total number of votes at general meetings and exceed half of the share capital of both companies. The same decision was taken by the Commission with respect to both Santander Aviva joint ventures.

The Financial Supervision Authority's decision was necessary to complete the acquisition of Aviva's Polish business by Allianz, which was announced in the spring. The value of the transaction amounts to EUR 2.7 billion or PLN 12.5 billion. This step is an element of Aviva's strategy announced last summer. Aviva has decided to concentrate its activity on the British, Irish, and Canadian markets.

After the acquisition of Aviva, Allianz will become the second-largest insurance company in Central and Eastern Europe in terms of operating profit.