The bid valued the assets at more than two billion euros (USD 2.4 billion), the source said.
Polish Aviva Towarzystwo Ubezpieczen na Zycie (Aviva Life Insurance Company) is part of the British insurance group Aviva, 90% owned by Aviva Group Holdings Limited, while the remaining 10% shares are controlled by Santander Bank Polska S.A. Its core line of business is life insurance, also including life insurance, if related to an insurance capital fund, as well as life insurance in which the insurance company's benefit is determined on the basis of specific indices or other base values, disability insurance and accident and sickness insurance supplementing the aforementioned groups of insurance.
Aviva TUnZ is controlling a group of companies for which it is the main or sole shareholder:
- Aviva Powszechne Towarzystwo Emerytalne Aviva Santander SA (90)% - pensions company
- Aviva Investors Poland Towarzystwo Funduszy Inwestycyjnych SA (49%) - asset management
- Aviva Sp.z o.o (100%) - distributor financial services for the Aviva group in Poland and provider of administrative services to it
- Expander Advisors (100%) - financial intermediation company
- Aviva Lietuva (100%) - life insurance company domiciled in Lithuania
GWP for life insurance amounted to nearly PLN 2 billion, the company ranking second in the market. The value of the new business remained at a similar level with the previous year. On the non-life insurance side, Aviva collected nearly PLN 500 million in gross premiums, continuing the development of business insurance sales (an increase of 15% compared to 2019), as well as policies for individual clients through the direct and digital channels. The COR ratio, showing the profitability of the non-life portfolio, was at an outstanding 83.8% in 2020 (Aviva and Santander Aviva combined).