Mar 26, 2021

Insurer Aviva sells Polish business to Allianz for €2.5bn

London-listed insurer Aviva has sold its Polish business to Allianz for €2.5bn, marking the end of chief executive Amanda Blanc's efforts to slim down the group. Aviva said the deal was a "Significant milestone" that "Successfully concludes the planned refocus of the Group's portfolio". "In concluding the most material international disposals, Aviva has saved the best till last, with Aviva Poland being sold for more than double the multiple of the rest of the sold businesses," said Philip Kett, an equity analyst at Jefferies. "The acquisition of Aviva's business will reignite growth in Poland and produce a scale effect in the entire region," said Klaus-Peter Röhler, Allianz board member. Kett said Allianz had "Successfully acquired the most attractive business sold by Aviva".

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