US-based MetLife has agreed to acquire UK-based Aviva's three Eastern European life insurance divisions as part of its strategy to expand its market position.
Metlife plans to buy Aviva’s life insurance businesses in the Czech Republic and Hungary, and its life insurance and pension businesses in Romania.
As at 30 June 2011, the combined net assets of the businesses were EUR57m.
Aviva said that this transaction is consistent with its strategy to focus on markets where it has strength and scale.
MetLife president for the Europe, Middle East and Africa (EMEA) region Michel Khalaf said that this transaction creates an excellent opportunity to reach more customers with a broader product and service offering, and further build scale in their existing operations in these countries.
The transaction, which is subject to regulatory approvals, is expected to be completed during 2012.
Financial terms of the deal are not disclosed.