Change in Partnership Structure of AvivaSA

23.02.2021

With a 200-year Background in Insurance, Ageas Becomes a Partner to AvivaSA

A significant change is made in the partnership structure of AvivaSA, the subsidiary of Sabancı Holding and Aviva. With the protocol signed, Aviva sells its 40 percent share in AvivaSA to Ageas, an international insurance group that is also a partner of Sabancı Holding in non-life insurance industry since 2011.

AvivaSA, a subsidiary of Sabancı Holding and the British insurance group Aviva, has decided on a significant change in its partnership structure. As a partner of AvivaSA, Aviva had already announced in the third quarter of 2020 that it would review its investments in the continental Europe and Asia, focusing more on the UK, Ireland and Canada markets. In line with this decision, Aviva signed an agreement with Ageas on 23 February 2021 to sell its 40 percent share in AvivaSA to Ageas, a leading international insurance group based in Europe with a history of over 200 years. Following the sale expected to be completed in 2021, Ageas will continue its successful and strong cooperation with Sabancı Holding in non-life insurance with a wider scope, covering private pension and life insurance markets as well. 

Stating that the Aegas Group, which has been a partner of Sabancı Holding in insurance industry since 2011, currently operates successfully in 14 countries, Sabancı Holding Financial Services Group President and AvivaSA Chairman Haluk Dinçer said, “With the power of Sabancı Group in generating value and the experience of the Aviva Group in the insurance industry, we have succeeded in making AvivaSA one of the strongest companies in the industry since 2007. Today, AvivaSA is a leading company in the industry with its leadership and growth performance in private pension and life insurance. Following Aviva Group’s announcement in 2020 regarding its decision to review its investments in some of the countries it operates in, we have been informed that Aviva and Ageas signed an agreement for the sale of AvivaSA shares. We are delighted to learn that Ageas aims to extend the scope of our successful and strong cooperation in non-life insurance to private pension and life insurance. Within this new partnership structure, we will continue to work hard for sustainable success in full awareness of our key role in the financial future of our customers and our responsibility for our country and stakeholders. We will continue to add value to the lives of our employees and customers alike, keeping focusing on their satisfaction, and to be a reliable power in the Turkish insurance industry. As Sabancı Holding, we believe in our country’s potential and the future of the insurance industry in which we have been operating for 60 years, and we will maintain our position as the reliable power in the Turkish insurance industry.”

Ageas CEO Hans De Cuyper made the following remarks on the agreement: “This investment is a great opportunity for us to penetrate the ever-growing life insurance business in Turkey in partnership with Sabancı Holding, which we have long been cooperating with. We currently operate in non-life insurance with Aksigorta. This new partnership will make it possible for us to become a key stakeholder in the markets of both life and non-life insurance in Turkey.”

About AGEAS

Ageas is an international insurance Group with a heritage spanning almost 200 years. Operating in 14 countries in Europe and Asia, the company offers millions of retail and business customers life and non-life insurance products.

As one of Europe's largest insurance companies, Ageas is the leader in the insurance industry in Belgium. It is also among the market leaders in many countries it operates in. With over 45 thousand employees (including unconsolidated partnerships) Ageas operates in countries including Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines.

About AvivaSA

One of Turkey's leading private pension and life insurance companies, AvivaSA Emeklilik ve Hayat was established on 31 October 2007. Built in accordance with the principle of equal partnership between Turkey’s leading conglomerate Sabancı Holding and Aviva plc., the British insurance giant with a history of over 300 years, AvivaSA has 20 percent of its shares traded in Borsa İstanbul (İstanbul Stock Exchange) with the code “AVISA”.

AvivaSA offers its innovative “private pension”, “life insurance” and “personal accident insurance” products to customers via its unique omni-channel distribution structure and provides services not only with Turkey’s largest direct sale team, but also through its strong bancassurance network comprising Akbank associations, as well as through agencies, tele-sales channel and its corporate projects team.