Aviva acquires Italian life insurance company Vita

International financial services group Aviva has announced that it has reached an agreement with UBI Banca for the acquisition of the Italian life insurance company Vita for €65m.

UBI Assicurazioni Vita distributes life insurance products through a bancassurance agreement with Banca Popolare di Ancona and other channels.

UBI Assicurazioni Vita will report life insurance gross written premiums of at least €310m for the year ended December 31, 2007 and gross technical reserves of at least €2.8bn.

Closing of the transaction, which is subject to certain conditions including the approval of the relevant regulatory authorities, is expected to take place in the first half of 2008.