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Aviva sells Hungarian business to MetLife

Insurer Aviva on Monday said it agreed to sell its businesses in Hungary, the Czech Republic and Romania to MetLife.

The sale of the businesses, which had combined net assets of about EUR 57m at the end of H1 2011, is expected to be completed in 2012, pending approval by regulatory authorities.

Aviva Life Insurance is the eighth-biggest player on Hungary’s life insurance market based on revenue from premiums. The company’s predecessor was established by the Hungarian Credit Bank in 1996, but was later acquired by ABN Amro. It was sold in 2001, when ABN Amro Bank merged with K and H Bank, and became a member of the Aviva group.