Formerly Aviva, now Romania's insurer Alico, to adopt main shareholder's name - Metropolitan Life
A new name change is on the cards for insurance company Alico. The firm will change its name to Metropolitan Life, taking the name of its main shareholder, US group Metropolitan Life (MetLife). This is the second re-branding after the change from AIF Life to Alico in 2010, after the international takeover by MetLife.
Alico is the third largest Romanian insurance company in the life insurance sector based on the subscribed premiums, after ING Life Insurance and BCR Life Insurance. Alico's profit last year stood at EUR 17 million.
MetLife, Inc. has acquired Aviva’s life insurance and pensions business in Romania and its life insurance business in the Czech Republic and Hungary. The deal should be carried through in 2012 but financial details have not been disclosed.
MetLife owns the Alico Insurance and pensions business in Romania, which it bought in November 2010.
Aviva Life Insurance recorded a gross written premium volume of EUR 21.1 million in Romania in 2010, a decrease of 12 percent from 2009.
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(photo source: Wikipedia)
