Aviva agrees to purchase Irish insurer for £116m

Aviva has agreed to purchase Dublin-based insurer Friends First Life Assurance. The £116m deal would result in Aviva making significant strides in the Irish insurance market, increasing its market market share in Irish general and life insurance to 15%.
Friends First has a market share of over 6%, more than 250,000 clients and has operated in Ireland for more than 180 years.
Similarly, Aviva Ireland is a strong player in the Irish insurer market, and has seen operating profits grow by 12% in the first half of this year.
Aviva International Insurance’s CEO, Maurice Tulloch, spoke positively about the potential transaction:
“Friends First is a natural fit for Aviva Ireland. The acquisition will enhance Aviva Ireland’s product offering and accelerate our international growth agenda. It makes sense financially, strategically and for our customers.
“Our Irish business has been among the best performers in the Aviva group over the last couple of years. This acquisition underlines Aviva’s disciplined approach to deploying capital into bolt-on acquisitions that meet our strict financial criteria and strengthen our business.”
If approved by the regulatory authorities, the transaction is expected to take place in the first quarter of 2018.
For more information on the M&A market, contact Gwill Evans – Gwill.Evans@gunnerandco.com.