Aviva plc announces today that it has exercised its option to buy out the stakes held by the minority shareholders of Société d’Epargne Viagère, a French life insurance company in which Aviva already has an 83.7% equity stake.
Aviva plc (“Aviva”) announces today that it has exercised its option to buy out the stakes held by the minority shareholders of Société d’Epargne Viagère (“SEV”), a French life insurance company in which Aviva already has an 83.7% equity stake. SEV is the joint underwriter of AFER life insurance products in France alongside Aviva Vie, a wholly owned subsidiary of Aviva.
Aviva has purchased 16.3% of the total shares in SEV from the minority shareholders for a cash consideration of €121.5m.
Aviva has a well established partnership with AFER, the largest savings association in France, to provide its half a million members with life insurance products. In the first half of 2010 sales through Aviva’s partnership with AFER increased by 39% on a local currency basis to €1,863 million compared to the same period in 2009.
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Notes to editors:
- Aviva is the world’s sixth largest* insurance group, serving 53 million customers across UK, Europe, North America and Asia Pacific.
- Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion at 31 December 2009.
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* based on gross worldwide premiums at 31 December 2009