Achmea completes the sale of Irish life insurer Friends First to Aviva
Insurance group Achmea announces the closing of the sale of Irish life assurance company Friends First to Aviva group plc. All the required regulatory approvals for the transaction have been received. Following these approvals the transfer of the entire shareholding in Friends First Life Assurance Company to Aviva has been completed.
The agreement with Aviva was announced in November 2017 and is in line with Achmea’s international growth strategy. It has resulted in an improvement of both Achmea’s solvency and liquidity positions.
As a result Achmea realizes total net cash proceeds of approximately 225 million euros consisting of direct proceeds of the sale and dividend payments collected prior to the transaction. The IFRS results of the transaction have been accounted for in 2017.
Established in 1811, today Achmea is the largest insurance group in the Netherlands. In its home market, Achmea is market leader in non-life and health insurance. Gross written premiums for the group totalled approximately 20 billion euros over 2017, while the group’s solvency ratio remained strong at 184%. The group also offers income protection insurance, life insurance, pensions services and mortgages. Asset manager Achmea Investment Management, oversees over 120 billion euros in assets under management. Internationally, Achmea is active in Turkey, Greece, Australia, Slovakia and Canada. Each insurer has deep understanding of its local market and customers.