Aviva to acquire Irish insurer Friends First for €130mn

Aviva is to strengthen its position in Ireland with the €130mn purchase of insurer Friends First.

The acquisition, which is set to complete in the first quarter of 2018 subject to regulatory approval, will lead to Aviva becoming one of the country's leading composite insurers.

Aviva has targeted Ireland as an area of growth, with it having seen a 9% rise in the life insurance market. Aviva Ireland has seen a 12% rise in operating profit in recent years.

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"I look forward to welcoming the Friends First employees to the Aviva group," said John Quinlan, CEO of Aviva Ireland.

"Friends First is an excellent business and will be a great addition to Aviva Ireland. Their expertise in the area of income protection and group risk, in particular, will complement and strengthen the broad range of insurance products we offer our customers.

"It will also make us the leading insurer for brokers in the Irish market. Together, our market leading insurance business will be well placed to take full advantage of Ireland’s fast growing economy.”