Aviva acquires pension fund from ING in Russia

Aviva acquires pension fund from ING in Russia

Aviva plc (”Aviva”) has signed an agreement to acquire ING Group’s non-state pension fund business and its holding company in Russia. The pension fund, which had assets under management of £30.4 million* at 31 December 2008, provides pensions to large multi-national corporate clients and has 17,000 members. The gross assets of the holding company were £0.08 million ** at 31 December 2008.

The acquisition will see Aviva become the leading foreign-owned provider of non-state pension fund products in Russia, with around a 10% share of the assets under management within the competitive (non-captive) corporate pensions market.

Andrea Moneta, chief executive, Aviva Europe, said: “This acquisition will grow our market share of the Russian non-state pension fund business significantly, taking us from a top three foreign-owned player to the leading position. The deal provides the opportunity for us to cross-sell other life and savings products to a substantial customer base.”

The acquisition has received approval from the Russian anti-monopoly authority and is expected to complete in early May 2009.

* RUR 1.297 billion at an exchange rate of GBP 1: RUR 42.62

** RUR 3.5 million at an exchange rate of GBP 1: RUR 42.62

NB: gross asset / asset under management values are as stated in unaudited local accounts as at 31 December 2008

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