Aviva to buy Irish insurer Friends First Life for €130m

Aviva snaps up Irish insurer Friends First in €130m deal

Aviva snaps up Irish insurer Friends First in €130m deal

Friends First, now owned by Dutch insurer Achmea Holding NV, has been operating in Ireland for over 180 years with a focus on life protection, pension and investment products for individuals and companies.

It noted that Friends First, now owned by Achmea Holding NV, of the Netherlands, has operated in Ireland for more than 180 years with over 250,000 customers.

Friends First is now owned by Dutch insurer Achmea Holding.

It has more than 250,000 clients and a market share of more than 6 per cent.

Following the acquisition Aviva will become one of the largest composite insurers in Ireland, increasing its market share in life insurance to 15pc, alongside its exiting 15pc market share in general insurance. It also commands a 15% share of the general insurance sector.

DR Horton, Inc. (NYSE:DHI) Overvalued by -1.7%
Following the completion of the sale, the director now owns 8,000 shares of the company's stock, valued at approximately $288,880. Over the last five days, shares have managed 3.79% gains and now is up 30.06% since hitting its 200-day moving average of $36.68.

"Our Irish business has been among the best performers in the Aviva group over the last couple of years". Meanwhile, Aviva Ireland has itself enjoyed strong growth - operating profits have leapt 12% in the first half of this year.

The amount Aviva has agreed to pay for the company represents a multiple of 0.8 times Friends First's adjusted net asset value.

Aviva Ireland Chief Executive John Quinlan said Friends First's expertise in income protection and group risk would complement Aviva's product line and make it the "leading insurer for brokers in the Irish market". "It makes sense financially, strategically and for our customers".

The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2018. Friends First is an excellent business and will be a great addition to Aviva Ireland.

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