Allianz buys Polish Aviva business for €2.5 bln
23:51
Allianz buys a business in Poland from British Aviva for €2.5 billion. The takeover must be approved by the Office of Competition and Consumer Protection (UOKiK) and the Polish Financial Supervision Authority (KNF). The new owner – provided he gets the green light from state authorities – plans to finalize the merger within a year. Thanks to this, it will strengthen its position both in Poland and in the region of Central and Eastern Europe.
"This is a historic takeover in the Polish insurance market in terms of the amount. Allianz will become the fifth insurer in Poland and the second in Central and Eastern Europe. Why is it doing this? Without an appropriate scale, it is difficult to earn in the financial sector," Szymon Ostrowski, Executive Director at Haitong Bank, emphasized.
In line with the current strategy, UK Aviva focuses on the markets in which it has grown: British, Irish, and Canadian. Over the past eight months, it has sold businesses in nine countries (including Poland) for a total of GBP 7.5 billion.
Allianz turned out to be the black horse of the race for the Polish Aviva, for which the Italian Generali also fought. According to the Italian daily "ll Sole 24 Ore", the insurer offered the British parent company more than €2 billion. The rivalry was fierce, as both insurers, Allianz and Generali, play in the second league of insurance with a share of around 5 percent in the Polish market. Cards are currently distributed by five insurance groups: PZU, Warta, Ergo Hestia, VIG, and Uniqa.
“Nobody expected Allianz to buy Aviva. For 25 years, the insurer has not managed to take over the company in Poland despite many attempts,” Marcin Broda, Ogma analyst, and insurance expert said.
