Aviva plc has reached an agreement with UBI Banca for the acquisition of 50% plus 1 share in UBI Assicurazioni Vita SpA, an Italian life insurance company currently wholly-owned by UBI Banca, for a consideration of 65 million.
UBI Assicurazioni Vita distributes life insurance products through an agreement with Banca Popolare di Ancona and other channels.
UBI Assicurazioni Vita will report life insurance gross written premiums of at least 310 million for the year ended 31 December 2007 and gross technical reserves of at least 2.8 billion.
Closing of the transaction, which is subject to certain conditions including the approval of the relevant regulatory authorities, is expected to take place in the first half of 2008.