Delta Lloyd Group, the Dutch business of Aviva, has signed a memorandum of understanding with SNS Reaal, a Dutch banking and insurance service provider, for the sale of Swiss Life Belgium to Delta Lloyd, for E135 million in cash.

By combining Swiss Life Belgium with its Belgian insurance operation, Delta Lloyd would achieve a top five position in the Belgian group life insurance market. The transaction between SNS Reaal and Delta Lloyd is conditional upon completion of SNS Reaal’s acquisition of the Dutch and Belgian activities of Swiss Life Holding, which was announced in November 2007.

The completion of Delta Lloyd’s acquisition of Swiss Life Belgium would be subject to approval from the relevant regulators and works council, and is expected to take place in the second quarter of 2008.