Our client Allianz SE, Europe’s largest insurer, completed the acquisition of life and non-life insurance operations, as well as the pension and asset management business, in Poland and Lithuania from Aviva Group (which includes its Lithuanian subsidiary Aviva Lithuania). The total value of the transaction is EUR 2.7 billion.
Allianz’s largest deal globally in a decade
The transaction is Allianz’s largest deal globally in a decade. With its closing, Allianz becomes the most profitable international player in the Central Eastern Europe market. In the key Polish market, Allianz becomes the fifth-largest insurer and the second-largest player in the life insurance segment, in terms of gross written premiums.
Petros Papanikolaou, Chief Executive Officer of Allianz Central Eastern Europe, says: “After successfully completing the transfer of ownership, we will now focus on ensuring a seamless transition for our joint community of around 2,400 employees, a large network of about 4,000 agents, and almost 5 million customers in Poland and Lithuania. We are planning to complete the merger of our Polish operations by mid-2022.“
Our team and services
Our services included assistance with all Lithuanian law matters related to the acquisition of Aviva operations, including conducting legal due diligence on the Lithuanian business, participation in expert sessions and advising on regulatory matters.
Our project team was led by senior associates Vitalija Impolevičienė, Agnė Sovaitė and Inga Macijauskaitė, as well as partners Tomas Kontautas and Mantas Petkevičius. The team also included counsel Monika Mališauskaitė-Vaupšienė; senior associates Indrė Pelėdaitė and Aurelija Daubaraitė; associate Simona Timbarienė; and others.