British multinational life insurance company Aviva and Bank Zachodni WBK have reached an agreement to expand their ongoing strategic partnership in Poland until 2033.
As per terms of the agreement, the UK-based insurer will increase its distribution network currently from BZ WBK’s 500 to 900 branches and market life and general insurance products across Poland, with access to 4 million bank customers.
The existing bancassurance partnership agreement, which was initially inked in November 2007 for 15 years, has been extended by further 10 years until 31 December 2033.
Subject to concerned regulatory approvals, the bancassurance arrangement will significantly enhance Aviva’s distribution network, and is part of its strategy to expand business in attractive markets such as Poland.
Operating as a part of the Santander Group, Bank Zachodni WBK is one of third-largest bank in Poland in terms of assets, credit book and deposits.
Besides Bank Zachodni WBK, the UK insurer has also distribution agreements with Alior and Pocztowy.
Aviva in Poland serves more than 830,000 individual and group life customers and manage over £2.9bn of customers’ assets, delivering both long-term insurance and savings products through 56 sales branches across Poland.