Ageas acquires 40% stake in Turkish life insurer AvivaSA
Ageas has signed an agreement with Aviva to acquire the 40% stake in Turkish listed life insurance and pension company AgeSA for a total amount of $173 million.
Founded in 2007, AvivaSA offers pension, protection and savings products to more than 2 million customers through bancassurance, tied agents and a direct sales force. The company is currently 40% owned by Aviva and 40% by Sabanci Holding, with the remaining 20% freely traded.
“The investment in AvivaSA is part of Ageas’ strategy of expanding into regions where it already has a presence and gives it the opportunity to tap into low penetration and high growth markets such as the Turkish insurance market. -life, which has grown by 28% per year between 2014 and 2019. It also allows Ageas to strengthen its collaboration with Sabanci Holding, its partner in the AKSigorta Non-Life joint venture.”