Source: European Commission Spokesperson's Service
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of Aviva Towarzystwo Ubezpieczeń Na Życie S.A., Aviva Towarzystwo Ubezpieczeń Ogólnych S.A. and Aviva Investors Poland Towarzystwo Funduszy Inwestycyjnych S.A. (together ‘the Aviva Companies’), all of Poland, by Allianz Holding eins GmbH (‘Allianz’) of Austria, and the acquisition of joint control of Santander Aviva Towarzystwo Ubezpieczeń Na Życie S.A. and Santander Aviva Towarzystwo Ubezpieczeń S.A. (together ‘the Santander Aviva Companies’), all of Poland, by Allianz and Santander Bank Polska S.A. (‘Santander Polska’) of Poland.
The acquisition of sole control over the Aviva Companies and the acquisition of joint control over the Santander Aviva Companies are interrelated and interdependent transactions that are unitary in nature and therefore form a single concentration for the purposes of the Commission’s assessment. The Aviva Companies offer life and non-life insurance, asset management and pensions in Poland, as well as life insurance and pensions in Lithuania.
The Santander Aviva Companies offer life and non-life insurance in Poland. Allianz provides financial services mainly in the field of life and non-life insurance and asset management services in over 70 countries, in particular in Europe. Santander Polska provides the full scope of banking services in Poland. The proposed concentration results in a number of horizontal overlaps and vertical relationships in the markets of the provision and distribution of life and non-life insurance services, as well as asset management and pensions in Poland.
The Commission concluded that the proposed concentration does not raise any competition concern since, in all of the markets under consideration, (i) the combined market shares of the parties are limited to moderate, and (ii) several other well-established players are present and would be in a position to constrain possible attempts of price increases or foreclosure strategies by the combined entity post-merger. The concentration was examined under the normal merger review procedure.
More information is available on the Commission's competition website, in the public case register under the case number M.10326.