DELTA LLOYD AND ABN AMRO JOIN

RNS Number : 3178L

Aviva PLC

08 January 2009

 



8 January 2009

DELTA LLOYD AND ABN AMRO JOINT VENTURE TO CONTINUE 

Aviva plc ('Aviva') has confirmed that its Dutch-based business, Delta Lloyd Group ('Delta Lloyd') and ABN AMRO Bank Netherlands are to continue their insurance joint venture, known as ABN AMRO Insurance. 

Following the takeover of ABN AMRO by Fortis in May 2008,  ABN AMRO indicated that it would exercise its right under a 'change of control clause' to buy back Delta Lloyd's 51% stake in their joint venture, with the intention of transferring that holding to Fortis Insurance Netherlands.  However, given the subsequent acquisition of ABN AMRO by the Dutch state, Delta Lloyd, ABN AMRO and the Dutch government have concluded that continuing the joint venture is a more sustainable option.

Under the terms of the arrangement, the original 30 year joint venture agreement between Delta Lloyd Group and ABN AMRO Bank Netherlands which began in 2003 will run for the remaining 24 years.  Both parties have agreed that the joint venture will be the exclusive insurance partner for both the existing and the future Dutch banking operations of ABN AMRO.

In addition ABN AMRO will bear the costs incurred by Delta Lloyd when ABN AMRO initiated the process to acquire Delta Lloyd's joint venture shares. 

Andrew Moss, group chief executive of Aviva, said: 'This is an excellent outcome.  The continuation of a newly re-energised joint venture with a leading bank in the Netherlands will enhance Delta Lloyd's position in bancassurance and will ensure that they can continue to provide products to customers through the full range of distribution channels.' 

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Enquiries:

Media

Sue Winston, head of group media relations                          [phone]

Vanessa Rhodes, senior group media relations manager      [phone]

James Murgatroyd/Ed Simpkins, Finsbury                              [phone]

Analysts

Charles Barrows, investor relations director                            [phone]

Jessie Burrows, head of investor relations                               [phone]

Susie Yeoh, senior investor relations manager                        [phone]

Notes to editors:

• Aviva is the leading provider of life and pension products in Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2007. 

• Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £49.2 billion at 31 December 2007 and funds under management of £359 billion at 30 June 2008. 

• The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.

• For broadcast-standard video, please visit www.thenewsmarket.com/aviva.  

 

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