Aviva Ireland has completed the acquisition of life insurer Friends First for €130 million from Dutch group Achmea BV after receiving regulatory approval from the Central Bank of Ireland.
Aviva, which agreed to the deal in November, will boost its share of the State’s life and pensions market to 15 per cent – a rate that matches its slice of the general insurance market.
The transaction had received approval from the Competition and Consumer Protection Commission in February.
“Work on the integration of the two businesses is under way and the process is expected to be completed by mid 2020,” said Aviva. It will trade under the Aviva brand from January 2019.
Aviva said it would be writing to more than 250,000 customers joining from Friends First over the coming weeks “to welcome them and to tell them they don’t need to take any action as a result of the change in ownership”.
The completion of the acquisition makes Aviva one of the largest composite insurers in the Republic.
Aviva Ireland provides retirement income, life cover, protection, general insurance and investment and savings products to almost one million customers.
The additional 320 employees who will join from Friends First will grow the company’s workforce to about 1,600 across its locations in Dublin, Galway and Cork.
