Insurer MetLife Inc. plans to buy Eastern European insurance divisions from London-based Aviva PLC as part of its strategy to expand overseas and focus on markets it considers high growth.
MetLife did not disclose financial terms of the deal Monday.
The acquisition is subject to regulatory approval and should close by the end of the year, according to MetLife.
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Metlife plans to buy Aviva's life insurance businesses in the Czech Republic and Hungary, and its life insurance and pension businesses in Romania.
The deal offers MetLife a chance to boost its product offerings in Europe while reaching more customers, Michel Khalaf, president for Europe, the Middle East and Africa said in a statement.
Aviva said in a statement that selling the units is part of its plan to focus its operations in regions where its business is already strong. In December, the company ended its United Arab Emirates partnership with National General Insurance Co. In October, Aviva sold its Investors' Australian business.
Shares of MetLife fell 32 cents to $35.20 in morning trading Monday.
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