Aviva Ireland has completed the transaction to acquire the life insurer, Friends First. The completion follows the approval by the Central Bank of Ireland of the acquisition which was granted last week. The transaction had received approval from the Competition and Consumer Protection Commission (CCPC) in February.
Aviva announced its intention to acquire Friends First Life Assurance Company dac from Dutch insurer, Achmea BV on the 14th November 2017.
Work on the integration of the two businesses is underway and the process is expected to be completed by mid 2020. It will trade under the Aviva brand from January 2019. Over the coming weeks, Aviva will be writing to over 250,000 customers joining from Friends First 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 Ireland, with its market share in life insurance increasing to 15%, alongside its existing 15% market share in general insurance.