MetLife, Inc. announced that it has agreed to acquire the life insurance businesses of UK-based Aviva plc in the Czech Republic (Aviva Czech Life) and Hungary (Aviva Hungary Life), and its life insurance and pension businesses in Romania (Aviva Romania Life and Pensions).
The transaction is expected to be completed during 2012, and is subject to regulatory approvals. The financial terms of the deal were not disclosed.
“MetLife is intent on investing and growing in high-potential markets,” explained Michel Khalaf, MetLife’s President for the Europe, Middle East and Africa (EMEA) region, “and this transaction creates an excellent opportunity to reach more customers with a broader product and service offering, and further build scale in our existing operations in these countries.”
He described it as “yet another step in realizing MetLife’s vision to be the leading global provider of life, accident and health, and retirement products and employee benefits, and it exemplifies our disciplined pursuit of this goal and our ability to strategically deploy capital in growth markets.”