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Achmea completes sale of Irish insurance unit to Aviva

Dutch insurance group Achmea BV completed the sale of its entire stake in Irish unit Friends First Life Assurance Co. Ltd. to Aviva PLC, having obtained all regulatory approvals for the transaction.

The deal results in total net cash proceeds of about €225 million, comprising of direct proceeds from the sale and dividend payments collected before the transaction, Achmea said in a June 1 statement.

The Dutch firm added that the transaction, which was first disclosed in November 2017, is in line with its international growth strategy and has resulted in an improvement in its solvency and liquidity positions.

Achmea noted that the International Financial Reporting Standards of the deal have been accounted for in 2017.