MetLife, Inc. has acquired from Aviva plc its life insurance businesses in the Czech Republic (Aviva Czech Life) and Hungary (Aviva Hungary Life), and its life insurance and pension businesses in Romania (Aviva Romania Life and Pensions), the company announced in a press release.
The transaction is expected to be completed this year, and is subject to regulatory approvals. The financial terms of the deal are not disclosed.
“MetLife is intent on investing and growing in high-potential markets,” said Michel Khalaf, MetLife’s president for the Europe, Middle East and Africa (EMEA) region, “and this transaction creates an excellent opportunity to reach more customers with a broader product and service offering, and further build scale in our existing operations in these countries.”
“This is yet another step in realizing MetLife’s vision to be the leading global provider of life, accident and health, and retirement products and employee benefits, and it exemplifies our disciplined pursuit of this goal and our ability to strategically deploy capital in growth markets,” said Khalaf.
The transaction will add a large, diverse distribution network and expand MetLife’s product capabilities, further solidifying the company’s market position in the region.
Deutsche Bank Securities Inc. served as exclusive financial advisor to MetLife.