Aviva has announced the completion of formalities to allow the launch of its Irish bancassurance joint venture between Hibernian Life & Pensions, the third largest company in the Irish long-term savings market, and Ark Life Assurance, the fourth largest, owned by Allied Irish Banks.

Aviva confirmed the completion of the transaction following the approval of the European Commission and the financial regulator.

The vehicle for the joint venture is Hibernian Life Holdings, which is the owner of Hibernian Life & Pensions and Ark Life. Hibernian Life Holdings is jointly owned by Aviva’s wholly-owned subsidiary Hibernian Group (75.01%) and Allied Irish Banks (AIB) (24.99%).

The joint venture includes an exclusive five-year bancassurance distribution agreement with AIB which may be renewable for further five-year periods up to 2031. The joint venture will employ approximately 800 staff.