The Belgian group makes its third acquisition abroad in barely six months. He spent 142 million euros to get his hands on Turkey’s fifth largest life insurer.
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On the eve of the announcement of its annual results, Ageas formalized the acquisition of 40% of the shares in AvivaSA, the Turkish subsidiary of the British group Aviva. The company is worth some 400 million euros on the Istanbul Stock Exchange and has more than two million clients in Anatolia. He is the Turkey’s fifth-largest life insurer and the country’s leading private player in the pension insurance segment.
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AvivaSA is also owned by Sabanci up to 40%. Ageas has been working with this Turkish group for ten years within the risk insurer AKSigorta. AvivaSA recorded a net profit of 41 million euros last year, up 36% compared to 2019. The Turkish life insurance market is growing: it has swelled by an average of 28% per year between 2014 and 2019.
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This Turkish acquisition is already the third foreign agreement concluded by Ageas in the last six months. Each time, the insurer has sought an old acquaintance to strengthen its position in a number of foreign markets with high potential.
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Over the past year, Ageas has strengthened its presence in China et en Inde. At the end of August, it announced that it would acquire a 25% stake in the reinsurance subsidiary of China Taiping Insurance for the sum of 340 million euros. During the holiday season, Ageas formalized the purchase of 49% of the shares of the Indian life insurer IFLIC for 56 million euros.
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