Aviva, a provider of life and pension products, has announced that it has reached an agreement with banking group UBI Banca for the acquisition of 50% share in life insurance company UBI Assicurazioni Vita.

UBI Assicurazioni Vita distributes life insurance products through a bancassurance agreement with Banca Popolare di Ancona and other channels. The closing of the transaction is subject to certain conditions including the approval of relevant regulatory authorities and is expected to take place in the first half of 2008.