Italian insurer Generali has submitted a bid for the Polish assets of London-based insurer Aviva AV.L, Reuters reported quoting a source familiar with the matter on Monday. Aviva Poland is the country's second largest life insurer and the mother company of other five financial services providers.

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

According to international financial reporting standards, the Aviva group's operating profit in Poland amounted to PLN 973 million (approx. EUR 210 million) in 2020, i.e. it was 2% higher than in 2019 (PLN 954 million). The value of the new business in life insurance, according to the Solvency II Directive, amounted to PLN 305 million, 3% lower y-o-y. The Group's clients received a total of PLN 589 million in benefits and claims: PLN 384 million from life and health insurance and PLN 205 million from property policies (Aviva and Santander Aviva in total). The combined ratio in non-life insurance amounted to 83.8% and improved by 2.1 pp compared to 2019.

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).