30th Jan 2006 09:31
Aviva PLC30 January 2006 News release 30 January 2006 AVIVA ANNOUNCES COMPLETION OF ARK LIFE TRANSACTION Aviva plc ("Aviva") announced on 22 November 2005 that it had entered into acontract for a new bancassurance joint venture between Hibernian Life & PensionsLimited ("Hibernian Life & Pensions"), the third largest company in the Irishlong-term savings market, and Ark Life Assurance Company Limited ("Ark Life"),the fourth largest, owned by Allied Irish Banks plc ("AIB"). Aviva today confirms the completion of this transaction, following the approvalof the European Commission and the Financial Regulator. The vehicle for the joint venture is Hibernian Life Holdings which is the ownerof Hibernian Life & Pensions and Ark Life. Hibernian Life Holdings is jointlyowned by Aviva's wholly-owned subsidiary Hibernian Group plc (75.01 per cent)and AIB (24.99 per cent). The joint venture includes an exclusive five-year bancassurance distributionagreement with AIB which may be renewable for further five-year periods up to2031. The joint venture will employ approximately 800 staff. - ends - Enquiries: Analysts Charles Barrows, investor relations director +44 (0)20 7662 8115 Nicole Marques, investor relations manager +44 (0)20 7662 8302 Media Hayley Stimpson, director of external affairs +44 (0)20 7662 7544 Sue Winston, head of group media relations +44 (0)20 7662 8221 Notes to editors: • Aviva is the world's sixth-largest insurance group based on grossworld-wide premiums and market capitalisation (at 31 December 2004); it is oneof the leading providers of life and pensions in Europe and has substantialbusinesses in other markets around the world. • Aviva's main activities are long-term savings, fund management andgeneral insurance, with world-wide total income of £40 billion and assets undermanagement of £280 billion at 31 December 2004. • The Aviva media centre at www.aviva.com/media includes images, companyand product information and a news release archive. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Aviva