Article date: 10 November 2014
- AvivaSA is expected to be listed as “AVISA” on Istanbul Stock Exchange from 13 November 2014
- Final price is TL 47 per lot of 100 shares, in the top quartile of the initial price range, valuing the company at TL 1.68 bn
- Pricing represents an implied multiple of 18x AvivaSA's historical net income1
- AvivaSA’s 15-year exclusive distribution agreement with Akbank extended until 2029
Aviva plc (“Aviva”) announces the closing of the initial public offering of ordinary shares of its joint venture AvivaSA Emeklilik ve Hayat A.S. (“AvivaSA”). The company is expected to be listed as “AVISA” on Borsa İstanbul from 13 November 2014. The final price is TL 47 per lot of 100 shares, in the top quartile of the initial price range of TL 41-49, valuing the company at TL 1.68 bn. The pricing represents an implied multiple of 18x AvivaSA's historical net income2.
Aviva announced in September 2014 its intention to offer to the public market a minority stake in AvivaSA, one of Turkey’s largest private life and pensions providers.
Separately, AvivaSA and Akbank agreed to extend their exclusive bancassurance agreement for another seven years, until 2029. Akbank will continue to sell AvivaSA's life and pensions products on an exclusive basis through its leading banking network in Turkey.
The listing and settlement of the initial public offering is subject to customary legal and regulatory requirements.
David McMillan, Chief Executive Officer Aviva Europe, said:
“Turkey is an extremely attractive market to Aviva, with excellent growth prospects. We have a strong position in life and pensions and a long successful relationship with Sabancı.
“I’m delighted that we extended our distribution agreement with Akbank to 2029.”
Andrew Reid +44 (0)20 7662 3131
Yasmin Saleh +44 (0)20 7662 8710
Colin Simpson +44 (0)20 7662 8115
David Elliot +44 (0)20 7662 8048
Notes to editors:
- AvivaSA provides life insurance, pensions and personal accident products to over two million customers across Turkey.
- It is the second-largest provider of private pensions in Turkey and the market leader in corporate pensions, with 18.9% market share by assets under management
- AvivaSA is also a leading player in the life protection sector in Turkey with a 7.4% market share by gross written premiums (GWP) and the second largest provider of life personal accident products in the country with a 20.6% market share by GWP.
- In addition to its long term exclusive bancassurance agreement with Akbank, AvivaSA also has a diversified and wide reaching distribution network including a leading corporate sales team, a broad network of dedicated agents and a large employed direct sales force team, the largest in the country.
- Aviva provides 31 million customers with insurance, savings and investment products.
- We are one of the UK’s leading insurers and one of Europe’s leading providers of life and general insurance.
- We combine strong life insurance, general insurance and asset management businesses under one powerful brand.
- We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.
- The Aviva media centre at www.aviva.com/media/ includes images, company and product information and a news release archive
- For an interactive introduction to what we do and how we do it, please click here http://www.aviva.com/library/reports/this-is-aviva/
- For broadcast-standard video, please visit http://www.aviva.com/media/video/
- Follow us on twitter: www.twitter.com/avivaplc/
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