Alico Asigurari will also gain indirect control over Aviva Consulting&Training SRL, wholly-owned by Aviva Asigurari de Viata.
In January, MetLife sealed the deal to take over British insurer Aviva’s operations in Romania, the Czech Republic and Hungary. The transaction, whose value has not been revealed, will be completed this year, after it is approved by the regulator in each country.
Aviva Asigurari de Viata ranks seventh on the Romanian insurance market, with a share of 4.21% and premiums of 73.3 million lei (EUR16 million) in 2011. Last year, the company reported losses of RON6.5 million, down 67%.
Aviva Pensii Private does business on the mandatory and voluntary private pension segments.
Set up in 1998, Alico Asigurari Romania ranks third by premiums on the local life insurance market, behind ING Asigurari de Viata and BCR Asigurari de Viata. In 2011, the company posted profits of RON74 million (up 7.4% on 2010) and revenue from premiums of RON207 million (up 1%). In November, the insurer was bought by MetLife.
Last year, the insurance market declined by 4.3% to RON7.95 billion, as revenue from general policies fell by 6.5%, to RON6.21 billion, while revenue from life insurance policies grew 4.6% to RON1.74 billion according to regulator CSA. (EUR1=RON4.5647)