ACQUIRES PENSION FUND FROM IN

RNS Number : 5207Q

Aviva PLC

14 April 2009

 



14 April 2009

AVIVA ACQUIRES PENSION FUND FROM ING IN RUSSIA

Aviva plc ('Aviva') has signed an agreement to acquire ING Group's non-state pension fund business and its holding company in Russia. The pension fund, which had assets under management of £30.4 million* at 31 December 2008, provides pensions to large multi-national corporate clients and has 17,000 members. The gross assets of the holding company were £0.08 million ** at 31 December 2008.

The acquisition will see Aviva become the leading foreign-owned provider of non-state pension fund products in Russia, with around a 10% share of the assets under management within the competitive (non-captive) corporate pensions market.   

Andrea Moneta, chief executive, Aviva Europe, said: 'This acquisition will grow our market share of the Russian non-state pension fund business significantly, taking us from a top three foreign-owned player to the leading position. The deal provides the opportunity for us to cross-sell other life and savings products to a substantial customer base.'

The acquisition has received approval from the Russian anti-monopoly authority and is expected to complete in early May 2009.

* RUR 1.297 billion at an exchange rate of GBP 1: RUR 42.62

** RUR 3.5 million at an exchange rate of GBP 1: RUR 42.62

NB: gross asset / asset under management values are as stated in unaudited local accounts as at 31 December 2008

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Enquiries:

Media

Sue Winston, head of media relations                           [phone]

Paul Harris, senior media relations manager                 [phone]

James Murgatroyd/Conor McClafferty, Finsbury            [phone]

Analysts

Charles Barrows, investor relations director                  [phone]

Jessie Burrows, head of investor relations                    [phone]

Susie Yeoh, investor relations manager                        [phone]

Notes to editors:

• Aviva is the world's fifth largest* insurance group, serving 50 million customers across Europe, North America and Asia Pacific. 

• Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £51.4 billion and funds under management of £381 billion at 31 December 2008.  

• We are the largest insurance services provider in the UK and one of the leading providers of life and pension products in Europe.  

• Aviva Russia, the 6th largest life company in the market, offers a range of competitive long-term savings and protection products to corporate clients, partner banks and individual customers. The company sells products through a number of distribution channels, including corporate sales, sales through banks and direct sales.  Aviva Russia launched its non-state pension fund in 2007.

• Aviva will acquire 100% of the pension fund together with back-office services and support staff.

• The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.

• For broadcast-standard video, please visit www.thenewsmarket.com/aviva.  

*based on gross worldwide premiums at 31 December 2007

 

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