MetLife have confirmed that there are five or six companies they want to buy in the region, but did not wish to give details on their plans for the Romanian market.
“We are looking to position ourselves better on the Romanian market, and are currently working on our strategy to develop our local business. MetLife has expertise in acquisitions and there is enough money, but it all depends on the opportunities that may arise,” said Andreas Vassilou, MetLife’s CEO over Central and Eastern Europe.
Alico, which became part of MetLife at the end of last year, is the third largest company on the life insurance market, with 205 million lei (EUR48 million) last year.
Aviva posted RON89 million (EUR21 million) business in 2010, which means a 1-1.5 times multiple of gross written premiums could value the transaction at EUR20-30 million. (A EUR/RON exchange rate of 4.2 was used – the average BNR exchange rate for 2010).
(English version by Daniela Stoican)