British insurance major Aviva has sold its life insurance and pensions business in Romania and life insurance business in Hungary and the Czech Republic to MetLife Inc. The businesses had combined assets of EUR 57 million at the end of H1, 2011. The deal is expected to be completed before the end of 2012, subject to regulatory approvals. Aviva is the eighth largest player in Romania with gross written premium (GWP) reported at EUR 21.1 million in 2010, a 12 per cent drop over the previous year.
The Metropolitan Life Insurance Company (MetLife) formally came into existence in 1864 in New York though it was founded originally as the National Union Life and Limb Insurance Company five years ago in 1863. MetLife became the largest life insurer in North America by 1909, a position that it still holds. MetLife today has 90 million customers in more 60 countries around the globe and is a global powerhouse in the life insurance and employee benefits industry.